neighbourhood - what it costs
Railway lines at the bottom of the garden, a takeaway on one side of your
house and a pub on the other side see how they all affect your
You might think that Indian takeaway next door is manna from heaven and the
airport down the road is so convenient. But in actual fact they are reducing
the value of your property by as much as 15%.
A survey by property website Hometrack reveals exactly how much your surroundings
can increase and decrease the value of your home.
The plus side
Somewhat surprisingly, good road links dont come out on top of the
amenities that add value to your home. In fact, a main line railway line
is more of a boon and can add up to 11%, or £14,872 based on
Hometracks current average property price of £135,200.
Links to a motorway or a dual carriageway do come in second, worth an extra
10% or £13,250, with a top state school adding 8% or £10,816. Other
plus points include green spaces, places to eat, drink and socialise. Again
somewhat surprisingly a good NHS hospital comes in near the bottom of the
list, suggesting many of us are now happy to go private, and only adds 2%
or £4,056 to the price.
Here are the things likely to add value to your home and how much they will
Main line railway line +11% +£14,872
Quality foodstore +4% +£5,408
Motorway/dual carriageway links +10% +£13,520
Good NHS hospital +2% +£4,056
Top state school +8% +£10,816
Sports club/exercise facilities +2% £4,056
Green space (countryside/park) +6% +£8,112
Cinema/entertainment +1% £1,352
Restaurants/pubs/nightlife +5% +£6,760
Post office and bank +1% £1,352
The minus side
The things that affect property prices adversely arent too much of
a surprise. Rundown or derelict properties in the area are most likely to
affect your homes price, lowering it by an average of 18% or a whopping
£24,336. And while you may like that takeaway or nightclub across the
road, it could cost you £20,280 in lost value.
Other things that will reduce the value of your home quite substantially
include being under an airport flightpath, surrounded by derelict land and
near a waste station. Unsurprisingly being on a busy road isnt an ideal
Here are the things likely to reduce the value of your home and how much
they will cost you:
Rundown/derelict housing -18% -£24,336
Local authority housing -10% -£13,520
Airport flightpath -15% -£20,280
Poorly rated local schools -10% -£13,520
Late-night drinking/music venue -15% -£20,280
Electricity pylons -9% -£12,168
Smelly takeaways -15% -£20,280
Prison -8% -£10,816
Waste/refuse station -15% -£20,280
Railway line -6% -£8,112
Busy road -12% -£16,224
Mobile phone/telecoms masts -3% -£4,056
Are there exceptions to the rule?
Of course these findings represent a broad view of the things likely to increase
and decrease property prices. In bigger cities, London for example, being
on a flighpath and having a tube line at the bottom of your garden are not
such big concerns as they're an accepted part of the local environment.
Having said that, from personal experience the novelty of hearing the first
Piccadilly Line tube en route to Cockfosters at 5 in the morning can wear
off quite rapidly.
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