It’s all in the Name
It’s not a massive shock to most of us that the name of your street affects the value of your property, after all, given the choice between Primrose Hill and Pike Street, one has significantly more appeal than the other when sending out change of address cards.
Regal sounding street names, especially one with ‘king’ in the name can bump up prices significantly.. The average property with “Hill” in its name is worth £185,000 more than a similar property that is simply a “Street”.
Love thy (Good) Neighbours
It would seem that even if you yourself are not terribly interested in an organic farm shop or a Michelin-starred restaurant, it pays to have neighbours that are. The more upmarket businesses that pop up around where you live, the more your house value goes up.
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.”
Proximity to the Supermarket
The research from Lloyds Bank shows that living near a well-known supermarket boosts the property of your house significantly especially if you live in the vicinity of a ‘high end’ supermarket such as Waitrose. That being said, even living close to an Aldi will give your property value a little boost! Check out our article, The ‘Waitrose Effect’ on House Prices is Real for all the details.
Live near a sporting venue
A study by Lloyds showed that properties near the Olympic developments in London have seen an increase in property prices of 26% since 2012, with house prices in the area starting to rise even before the developments were complete. Similarly, a study by the London School of Economics found that prices around Arsenal’s Emirates development and the new Wembley stadium have risen by up to 15% since the new venues opened to the public.
One of the reasons for this boost is the funding that is often included in these large sporting developments for the transformation of the local area, including better transport links and infrastructure, and the draw of local businesses to the area.
Lastly, but by no means least, it seems to be a very good thing if you have a good pub within staggering distance. According to recent research, 23 per cent of home-buyers regard proximity to a good local pub as an important factor.
So, if you live up the hill from the White Lion, you’re onto a winner!
To find out what your house may be worth regardless of whether you live down the road of a pub or reside in Rosewood cottage, get in touch with your local Northwood office to get a free market appraisal.
Northwood is one of the largest and most recognised estate agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.
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