With new research claiming that express supermarkets can boost house prices by £58,000, we look at the top five factors that can turbo-charge property values.
- Transport links
Public transport and excellent road access can be a huge plus for your home’s value. Properties close to Crossrail stations in London rose by 22 per cent between 2014 and 2016, compared with a 14 per cent rise in surrounding areas.
- Shops and restaurants
The ‘Waitrose effect’ on house prices is well established, but the big chains’ local outlets are now providing yet larger value increases. ‘There is a significant link between the convenience of a local supermarket and house prices,’ said Andy Mason at Lloyds Bank. Even budget supermarkets like Aldi and Lidl are having a positive effect.
Parents will pay a £52,000 premium to live in the catchment area of an ‘outstanding’ school, as rated by Ofsted. This boost can also apply to rental figures, as parents move into an area temporarily to get a place. For non-parents, this can be a nuisance, but parents also have to beware: the catchment area can change from year to year!
- Regeneration projects
According to recent surveys, homes in regeneration zones increase in value by 4.7 per cent above growth in surrounding areas. These developments encourage investment, and businesses relocate to the area. New infrastructure links often accompany these developments, bringing further economic advantages.
- Green spaces and leisure facilities
Proximity to parkland and leisure facilities such as swimming pools and sports pitches is an important factor in house values. Greater awareness of the benefits of healthy living and more people working from home (and therefore needing to get out and exercise) has increased their importance. And from an aesthetic point of view, parks improve everyone’s quality of life.