When it comes to selling, you could be surprised at the elements that drive up the price of your property.
Traditionally, we have considered good schools, a south-facing garden and new bathrooms or kitchen as having the most impact on house value. The Independent has reported on the results of a recent survey by Lloyds Bank. It highlighted five key aspects that influence your property’s value. You might be surprised…
“There is definitely a correlation between the price of your home and whether it’s close to a major supermarket or not,” says Mike Songer, Lloyds Bank mortgage director. “Our figures show that the amount added to the value of your home can be even greater if located next to a brand which is perceived as upmarket.”
The most influential supermarket is Waitrose, adding a reported £40,000 to a property’s value. Being near to an Aldi store adds £1,333 to the average house value.
2.It’s all in the name
“The name of your street could add thousands to the value of a property,” says Alex Gosling of HouseSimple.com.“You'll probably pay more to live on a 'Chase' than on a 'Terrace' or 'Close'. And regal-sounding streets – particularly if they have 'King' in the name – can bump up prices.”
Zoopla analysis confirms that "Hills" and "Lanes" are worth 50 per cent more than the national average; while "Streets" and "Terraces" have the lowest average property values.
Upmarket business near to your home can set its value soaring. Mark Hayward, managing director of the National Association of Estate Agents says: “Aspirational amenities such as a Michelin-starred restaurant, organic farm shop or a local dining club can have a positive impact on the saleability of nearby homes. In addition, areas with high-value sporting and recreational activities like pony clubs and chess societies for children are also desirable, and when combined with successful local schools can see premiums on house prices of up to 10 per cent.“
Mr Gosling says: “Living near a top sporting venue can really boost house prices. It's well known that you're likely to pay a premium to live close to Wimbledon.
5.Decent local pub
A good quality pub within walking distance of your home is a major selling point for 23% of buyers (source: Tepilo).
“These elements can make a real difference to the value and saleability of a property,” says Jason Dyer of JTM Homes. “Whilst there is little that a vendor can do about these factors, there are always ways of maximising the potential and value of your property. Our team is happy to offer a no-obligation valuation and offer friendly advice about how to maximise the appeal of your space.”
To find out more about selling your home or to request a free valuation, contact JTM Homes.