7 things you didn’t know could be affecting your house value
26 Feb 2019
And what you might be able to do about them…
Getting ready to sell up? Or perhaps you’re scoping out a new home to make a good profit on in the near future?
Here are 7 things (some strange, some less so!) that might affect the value of your current or future home:
1. It’s a Name Game
Think your home might have something special going for it, but can’t quite put a name to it?
Street and house names can actually affect house prices by adding the appearance of exclusivity – or its opposite. At least, that’s what Barclays research suggests, which analysed millions of street names and sales prices to uncover some surprising findings:
· Properties on ‘Hills’ and ‘Lanes’ are worth on average 22% more than the typical house on ‘Streets’ and ‘Terraces’
· To get even more specific, bizarrely, homes on ‘Church Lanes’ are worth more than double those on ‘Chapel Streets’
· Unusual names are better than common ones, while “rude” ones can result in a 20% reduction in price.
And if you can switch up your ordinary house number for a fancy name plaque, all the better.
2. A Seller’s Market
England’s market towns are having a bit of a moment.
Halifax recently found that house prices in England’s market towns have risen by nearly £1,000 per month over the past five years. Lloyds also revealed that the average property price in a market town is £290,775. That’s 12% higher than the country average.
While some of the most expensive market towns can be found in the South (think Henley-on-Thames), the Midlands and the North have their own share of growing market hotspots:
· Nestled with the Peak District National Park, along Derbyshire’s River Wye, Bakewell has much more to offer than just its famous puddings, bumping average house prices to £405,767
· Buxton, in Derbyshire, is an old spa town famous for its natural spring water baths and stunning Georgian architecture, where houses average £213,179
3. “Beware of Dog”
We have no doubt that your cuddly, furry companion adds a lot of value to the family home. Apart from when it’s up for sale, that is.
In fact, pets have been named as one of the biggest turn-offs for house hunters viewing a property.
If your pet pal is an intimidating barker, you might want to temporarily relocate them during viewings. And of course, it goes without saying that cat litter boxes should be well and truly out of sight, odours professionally zapped, sofas hairless and carpets stain-free.
4. The School of Life
It goes without saying that the local facilities surrounding your property massively impact the desirability of living there.
Home buyers with young children will pay on average £52k more to secure a home in outstanding-rated primary school catchment area. Lloyds Bank also recently revealed the so-called Waitrose Effect, with nearby, upscale supermarket adding up to 12% to an average property.
And not all local pubs are created equally when it comes to selling a home. Proximity to a popular,
Well-regarded gastropub can add as much as 10% to property prices. Cheers to that!
5. A Matter of Taste
We like a bit of eclectic interior design as much as the next person. But overly personalised décor can leave a bad taste in potential buyers’ mouths.
While it may all indeed be in the eye of the beholder, homeowners with more niche tastes might benefit from reigning it in during the sales process. Perceived “bad taste” can knock 5-10% off a property’s value.
Some instant mood killers you might want to address are:
· Bright, garish walls
· Wood panelling
· Avocado bathroom suite
· Mirrored ceilings
· Strip lighting
6. It’s All About Connections
Being close to convenient transport links can really help you step it up a gear when it comes to selling your property.
And that’s great news for homeowners in the North West and Midlands, as plans for the HS2 rail network begin to make commuters’ dreams come true.
Nationwide research has already shown that properties 500m from a station in Manchester attract a 4.6% premium compared to those further away. Once London is reachable a whole hour faster, many more buyers will be looking to live in properties close to the HS2 terminal in northern city centres.
7. Get the Green Light
They say money doesn’t grow on trees. But when it comes to selling your home, it might be a different story.
Tree-lined streets can add more privacy and can create the feeling of a leafy, luxury suburb even if you’re in the heart of city. Public trees offer this without the costs that those rooted to your own property bring, such as fallen leaves, pruning and possible damage to the house itself.
Losing your street’s trees can knock 5% off your house price. Thankfully, residents will be given increasingly more say over whether the trees on their streets can be cut down.
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