subject: Property Prices -the Most Influential Factors [print this page] Property Prices -The Most Influential Factors
Although market conditions play a huge part in how much your home is worth there are many other factors that have the potential to knock off or add thousands to the selling price. From local amenities and schools to neighbours and the condition of the house there are many issues that influence a buyers decision. So if you are planning on moving, before you can even start fretting about who to inform when moving house and if the removal men will turn up heres some food for thought.
Catchment Area
Houses near primary schools that consistently top the SATs league table are worth as much as 20,000 more than properties near schools that languish at the bottom of the table, according to Nationwide.
The Good Schools report, by estate agent Savills, has also found that property prices around schools in the top 25% of the national GCSE performance table sell for an average of 16% more. Families are looking to be within walking distance of the best schools in the area.
Transport Links
Properties within walking distance of a Tube or railway station can be worth as much as 20,000 more than houses over 500 yards away from a transport link, says Nationwide. And according to Savills for each minute that can be cut off a commuter rail journey 1,000 can be added to the value of a home.
Although living close to a transport link it attractive to buyers a home right beside a train line could lose up to 10% of its value.
The Neighbours
Noisy, inconsiderate neighbours can really affect quality of life, which is why buyers will pay as much as 3,100 more to live next door to friendly, thoughtful neighbours, according to Lloyds TSB Insurance.
Whilst living next door to an abandoned house can slash 10% off your home, having famous neighbours could send your property price through the roof. The kudos of owning a house that a celebrity used to live in can add as much as 10% to the value according to estate agent Strutt and Parker.
Crime
Areas that are prone to vandalism, violence and anti-social behaviour are hugely unattractive to buyers and as such have a negative impact on house prices, potentially knocking thousands off the asking price.
The Address
According to property website Zoopla the words in your address can dramatically affect the price of your home. The study compared 858,00 residential streets with house prices and found that properties on a Hill sell for more than double those on a Street, and its all to do with exclusivity. The most popular word was Road where the average price was 232,391, compared to Park and Green which were less popular but thousands more expensive.
Local Amenities
Long gone are the days of the corner shop but having a shop or supermarket nearby can add up to 4% to a propertys value. And whilst a lively social scene is appealing to buyers, adding around 6% to a propertys value, nearby takeaways and late licence music venues can knock off 10% of a homes value.
Curb Appeal
First impressions really count and un-kept house is unlikely to endear buyers. Water damaged walls, dirty windows, peeling paint and an overgrown garden can knock off 5% of a propertys value, according to Halifax. But its not always a good idea to spend too much on home improvements, as you might not recoup the money spent when you come to sell. According to LV 22% of estate agents think that a brand new kitchen or bathroom will have no impact on the price of a home and a survey by Liverpool Victoria found that two out of three estate agents think landscaping has no impact on the selling price.
