Friday, 22 October 2021

Five key factors affecting property prices

Five key factors affecting property prices

HOW much is my home worth? It’s a question estate agents are asked time and time again. Although an accurate price can only be given after carrying out a valuation, there are a number of factors which can influence the value of a property.

Whether you are simply curious about the value of your current home or are an investor hoping to make a savvy purchase, Romans have compiled a list of five factors research has shown to be indicative of high property prices.

Primary school premium

With Rightmove reporting 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 one schools are 21 per cent higher than equivalent properties near grade three schools.

Transport links

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. For those looking to make a sound investment in property, we strongly advise considering towns with soon to be opening Crossrail stations such as Reading, Maidenhead, West Drayton and Burnham. The improved transport links into London are likely to boost prices, meaning there is a lot of profit to be made by both live-in investors and buy-to-let landlords.

Good food and fine wines

From MasterChef to Come Dine With Me and The Great British Bake Off, 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 these restaurants are 42 per cent higher than the average for the area.

The Waitrose effect

It’s 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. While many are aware of the aspirational appeal of living near to a Waitrose or M&S, few are aware that the 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 homes.

The farmer’s market effect

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 evokes aspirational images of a healthy, happy, carefree lifestyle so it’s no surprise many buyers are prepared to pay more for this relaxed country lifestyle.

“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,” explains Romans director Antony Gibson.

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

To get a free, no-obligation valuation, call Romans on 01344 985666 or visit www.romans.co.uk/
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