Biggest influences on house prices revealed
Wednesday, 15 Nov 2006 08:54
Being within two miles of a train station can add 12 per cent to the price of your home
The external factor making the biggest difference to the price of a home is being close to a train or tube station, a new survey reveals.
If your property is within two miles of a mainline station or London underground station it will add 12 per cent to its price on average, the equivalent of around £20,000.
However, if your home is next to run-down housing it could take £20,000 off your sale price.
"It is widely known that factors such as good transport links can push property prices up and derelict houses can drag them down, but many homeowners do not realise the extent house prices can be affected," said Russell Jervis, managing director of Haart estate agents, who conducted the survey.
"For time-starved commuters proximity to excellent transport links is highly desirable, boosting house prices in the immediate area considerably. But transport routes can also have a detrimental impact on house prices, with proximity to a noisy flight path or a rail line, lopping off up to £15,000 of the value of your home.
"Demand is also immense for family homes in catchment areas of good schools. Parents are willing to pay a premium to secure a place in their chosen school.
"At the other end of the scale, buyers should be very mindful of the impact run-down houses and late licence music venues or takeaways, which top the chart of least desirable factors, can have on property prices."
Top value adding external factors
Mainline tube / railway station - 12 per cent
Top state school - 11 per cent
Motorway / dual carriageway links - 9 per cent
Open countryside / park - 9 per cent
Vibrant social scene - restaurant / pubs - 6 per cent
Quality food store (Waitrose / M&S) - 4 per cent
High street facilities (e.g. banks and newsagents) - 3 per cent
Sports club / exercise facilities - 2 per cent
Good NHS hospital - 2 per cent
Cinema / entertainment - 1 per cent
Top value decreasing external factors
Run-down / derelict houses - 12 per cent
Late licence music venue / takeaway venues - 11 per cent
Derelict land - 9 per cent
Airport flight path - 9 per cent
Waste / refuse station - 8 per cent
Busy road - 8 per cent
Nightmare neighbours - 7 per cent
Poorly-rated comprehensive school - 6 per cent
Railway line - 5 per cent
Mobile phone / telecom masts - 4 per cent
XXX