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What hidden factors could affect the price of your home?

Nov 13, 2017

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There are well-known structural and physical issues around your home which could affect its value – including subsidence and damp – but what about other hidden, external issues which could affect the value? Statistics suggest having pets and your local pub or supermarket could also have an effect. We take a look.

Schools
According to a report by Rightmove, parents in England are prepared to pay, on average, £52,000 more to buy a home that secures a place at an outstanding state primary school rather than moving near a school with an Ofsted report that ‘requires improvement’. 

It’s important therefore to keep an eye out on your local school; if it gets a bad Ofsted report it could affect the value of your property in a negative way. 

Neighbours
Bad or nuisance neighbours can bring the value of the houses down by around 8% or just over £17,000 based on the price of an average house – according to research by Privilege Home Insurance.  A new survey carried out for Moneywise by online estate agent eMoov found that one in four people are put off a property by nightmare neighbours. 

Crime
According to research by Direct Line, 43% of Brits would not buy a home in an area with a high crime rate and 36% said while they would think of buying in a high crime area, they would expect to pay less for a property. 

To find out about crime rates in your area, visit www.crime-statistics.co.uk. 

Energy Efficiency
Energy efficiency has grown in importance for buyers since Energy Performance Certificates were introduced 10 years ago and from April 2018, it will be illegal to rent a property with a poor energy efficiency rating (worse than E) so energy efficiency remains a hot topic. 

A Government report on the effect of EPC ratings on house prices in 2013 found that there was a positive association between price per square metre and energy performance rating. 

Pets
While you may think that your family cat or dog is adorable, some buyers won’t welcome them on viewings and they may cause you to lose a sale. Pet smells and odours feature as a turn-off for buyers,  as do cats for non-cat owners because buyers can be anxious about moving in with children with allergies – and they can be worried that cats may return after the owners move. 

Parking
In crowded town centres, the ability to park outside your own home will give your property instant appeal. It is estimated that a parking space could add £10,000 - £20,000 onto the value of your home, or £50,000 in an expensive urban area.   

Local pub and supermarket
Research from Tepilo says that almost a quarter of homebuyers like to be near a local, considering it essential when buying their next home. Lloyds Bank research found that homes within easy reach of a supermarket commanded a premium of just over £21,000 more than properties in nearby areas. Homes near Waitrose were found to command the biggest premium – typically costing just over £36,000 more that the average prices in the wider town. 

Other local amenities and transport links can also affect house prices. A survey by Nationwide found that the closer you are to public transport, the greater the affect can be on your house price. In London, being within 500m of a Tube station can increase property values by 10.5%, but move 250m further down the road and that figure drops to 7.6%.

Living 500 metres or less from a Glasgow rail station adds an average of £9,400 to property values; and in Manchester, living close to a Metrolink station is worth an extra £8,300.

However, you don't want to get too close – bus stops outside front doors or blocking views from windows aren’t seen as desirable according to the research. 

Pollution
Recent findings published in The Telegraph have predicted that property listings may include pollution warnings in the near future as it’s believed that poor air quality can knock up to 15% off house prices. 

Pollution has become a concern for some potential buyers who have started using pollution websites to track air quality. This new research by potential buyers follows  a toxic air alert being issued for the first time this year  in London over “very high” pollution levels, and research by Kings College London that reported how nearly 9,500 people died early in a single year as a result of long-term exposure to air pollution in London. 

Broadband Connection
Average house buyers would spend £6,500 extra for fast broadband speeds according to a survey by broadbanddeals.co.uk. Respondents stated that they would be discouraged from purchasing a house if the only available broadband connectivity was poor or slow. 

Website Rightmove has now added a broadband speed checker to every one of its listings alongside factors such as quality of local schools and transport links to reflect the important of this to buyers.

View our fun infographic for this article:

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