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 What will you pay for the ideal location?

 

Tuesday, June 10, 2003


What will you pay (or not) for the ideal location for your home?

Some things will make a big plus to you and others will be a definite no-no. One or two of the ‘plus points’ missing may not concern everybody but generally, none of us want ‘negative’ things nearby. Not surprisingly then, minus points take far more off the price of the property than plus points add.

So what will the ‘average’ buyer consider the plus or minus points and how much will it affect the price? Hometrack, the independent property database company, have researched the marketplace for you and we present their results here.

The average house price

The survey shows average plus or minus prices for locations across the country, so first we need to define an average house price to compare the figures with. According to Hometrack the average national asking price is currently £135,200.

  • Plus points

Positive things to be near (within 3 miles):

Main line railway line

+11%

+£14,872

Motorway/dual carriageway links

+10%

+£13,520

Top state school

+8%

+£10,816

Open countryside/park

+6%

+£8,112

Restaurant/pubs/nightlife

+5%

+£6,760

Quality food store (Waitrose/M&S)

+4%

+£5,408

Good NHS hospital

+2%

+£4,056

Sports club/exercise facilities

+2%

+£4,056

Post office and bank

+1%

+£1,352

Cinema/entertainment

+1%

+£1,352

  • Minus points

Things (adjacent) that detract from the property:

Mobile phone/telecom masts

-3%

-£4,056

Railway line

-6%

-£8,112

Prison

-8%

-£10,816

Electricity pylons

-9%

-£12,168

Poorly-rated comprehensive school

-10%

-£13,520

Local authority housing

-10%

-£13,520

Busy road

-12%

-£16,224

Waste/refuse station

-12%

-£16,224

Airport flight path

-15%

-£20,280

Derelict land

-15%

-£20,280

Pungent takeaway

-15%

-£20,280

Late licence drinking/music venue

-15%

-£20,280

Run-down/derelict houses

-18%

-£24,336

John Wriglesworth, senior economist of Hometrack, comments:

"People's top priority is for excellent communications links - roads and railways are the biggest positive influences on the price of our homes, adding 10% or 11% to property values. But we don't want them to be too close - being on a noisy road or right next to the railway line, or under a flight path, has a big negative impact, lopping off up to 15% of the value of your home.”

“Good schools, good shopping, open space and pleasant leisure facilities also score highly. Homeowners are looking for a peaceful environment with fresh air, so noisy clubs and smelly takeaways that are too close for comfort are always unwelcome. The big no-no is being next to derelict houses."

 
 
     
     
 

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