Here are seven big aspects that make a financial difference:
1. Schools - 10% of parents would pay more than £50,000 extra for a property in a desirable school catchment area. Wow! One third have already moved house to be in with a chance of getting their child into a good school.
2. Supermarkets - being close to a supermarket increases the value of your home, according to research from Lloyds Bank. The more ‘upmarket’ the supermarket the greater the added value, with Waitrose being the most influential adding up to £40,000 to property value.
3. Smart Amenities - high-value local recreational activities can add value to properties – especially when linked to successful local schools. Chess clubs, pony clubs, high-class restaurants, sporting venues… these facilities can add a premium of 10% to your property.
4. Street Names - “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.”
5. Super-Fast Broadband - during the last 15 years, house prices have risen by an average of 3% every time broadband speed doubled. Slow broadband could reduce house prices by as much as 20%, according to research by the London School of Economics.
6. Station Proximity - the fact that a property’s proximity to a railway station should affect its house valuation isn't altogether surprising. According to Nethouseprices.com, a property located near a station in London could expect to achieve an increased price:
- Distance from a station: 500 metres = 10.5% premium
- Distance from a station: 750 metres = 7.6% premium
- Distance from a station: 1000 metres = 4.0% premium
7. Space - additional space directly affects your property value. If you have the space and budget to add a loft conversion or a conservatory to your property, you could see an increase of 12.5% or 7% to your selling price.
“Some factors increase ‘saleability’ whereas other definitely affect the price that a property will attract,” says Jason Dyer of JTM Homes. “We can provide a no-obligation value of your property and discuss how some ‘outside influences’ impact on the price that you can expert to achieve.”
To find out more, talk to the friendly north London property experts at JTM Homes by contacting either the Highgate or the Archway office.