Monday, 27 September 2021

Knowledge of the area will provide true value

HOW much is my home worth?

It’s a question that those who work in the property industry are asked time and time again and there are several factors which can influence it.

Rightmove has reported that 86 per cent of “outstanding” state primary schools are oversubscribed, it’s no surprise that data collected by the property portal suggests that parents are paying up to £52,000 more to live in a successful admission area.

In the South East, property prices near Grade 1 schools are 21 per cent higher than equivalent properties near Grade 3 schools.

When looking for a new home, many buyers will be influenced by transport links.

Good access to motorway networks and rail stations will make your property more desirable and increase its value.

Our interest in cooking is at an all-time high. So, it comes as no surprise that research conducted by PrimeLocation found house prices increase by up to 50 per cent in areas with large numbers of Michelin starred restaurants.

Bray, near Maidenhead, is home to the Fat Duck and Waterside Inn, the only three-starred restaurants outside of London. Properties near to these restaurants are 42 per cent higher than the average for the area.

Antony Gibson, a director at Romans, believes good food and drink offerings are important.

He said: “Whilst there is some debate on which came first, the high-end businesses or affluent residents, one thing we can be certain of, is properties in close proximity to amenities such as high-end restaurants are highly desirable and therefore achieve higher prices.”

It has also been widely reported that properties in close proximity to large supermarkets are more desirable to buyers.

An increase in desirability means an increase in the value of the property.

Whilst many are aware of the aspirational appeal of living near to a Waitrose or Marks &Spencer, few are aware that the so-called “Waitrose effect” is not just limited to its namesake.

Its European cousins, Aldi and Lidl also have a positive effect on property prices adding up to £2,000 to the value of nearby properties.

Much like the Waitrose effect, living near to organic food markets and farm shops supplying fresh fruits, vegetables and artisan bread can push property prices up by 26 per cent compared with the average for that county.

The farmer’s market effect promotes images of a healthy and happy lifestyle so it’s no surprise many buyers are prepared to pay more for a country lifestyle.

Mr Gibson explains: “Our branches in Beaconsfield, Gerrards Cross, Farnham, Guildford, Windsor and Henley echo the research carried out by Zoopla and firmly believe that properties in close proximity to the market sites benefit from an increase in desirability.”

Many of these factors contribute to making a location a desirable place to live, although which came first is up for debate but the more amenities and area has to offer, the more desirable it becomes.

To get a valuation call Romans on 01344 985666 or visit www.romans.co.uk/
selling/freevaluation

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