While it may feel like Brexit is controlling everything within the financial markets at the moment, when it comes to property there are many other, more localised factors that can affect house prices. Richard Stovold from Seymours Estate Agents in Guildford lists a few he has experienced over time.
Transport links arehigh up on the list for a number of buyers, particularly for those working in the city or who regularly need to travel abroad, and so a property in an area that has good access to motorway networks and rail stations will be more desirable and likely to hold its value than one that doesn’t. Properties in towns on new rail routes (such as Crossrail) are very likely to see an increase in value. However, you don't want to get too close – bus stops outside front doors aren’t seen as particularly desirable.
Paying a premium for a property near to a good school has become an expected part of the house buying process. These days, most outstanding state primary schools are oversubscribed, so it’s no surprise that parents will pay up to £52,000* more to live in a successful admission area.
Food Glorious Food
Research conducted in conjunction with the Financial Times, which compared the house price growth of properties within a 5km radius of Michelin-starred restaurants outside the capital against their wider local authorities, found that prices increased above the national average. However, the research found that a top eatery wasn’t the only reason for the price rise – access to good farmers markets and farm shops selling good local produce (often the reason top chefs choose to open in particular areas) also added to the desirability.
A Decent Local
You might not think that living close to a pub could up the price of your property but in the same way that the Waitrose effect has had an impact on house prices (last year research by Lloyds Bank suggested an high-end supermarket could add 12 percent or £40,000 to the average property), a lovely local pub with craft ale and a delectable, locally-sourced menu is also a major plus.
In crowded town centers, the ability to park right outside your own home will give your property instant appeal: property expert Phil Spencer estimates that a parking space could add as much as £50,000 in an expensive urban location. Figures like that make it well worth converting the front garden if you can; you might need planning permission first though so make sure you check with the local authority before starting any work.
*According to date from Rightmove