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How to make the most of your property’s location when you sell

We’ve asked the estate agents HouseSimple to tell us how to turn your property’s location shortcomings into positives that you’ll want to sing about with potential buyers.

July 18, 2017

property's location

In the recent couple of months, whether down to the general election or Brexit, the number of people buying and selling has slowed. In this market it is particularly important to emphasise your property’s positive points and help it stand out from the competition. And don’t limit those positives to what only you value. You might be surprised by what homebuyers are looking for…

Selling those supermarkets

You might still be raging about the new local supermarket and increased traffic that’s come with it. But when looking for a new property, around 32% of British homeowners look for short distances to local supermarkets. Equally, potential buyers want to know not only how close these stores are, but which ones you have on your doorstep. Research conducted by Lloyds Bank in May 2017 showed that properties located near supermarkets are valued approximately £21,512 higher than similar properties located further away. Properties with a Waitrose nearby saw a whopping £36,480 added onto their asking prices in comparison to properties further from the store.

If your house is just around the corner from a Sainsbury’s or a Marks & Spencer, it could be worth £27,000 more than a similar home without those amenities. Houses near Lidl stores also have a premium of £6,416 on average above similar properties in other areas, while the ‘Aldi Effect’ has boosted the value of nearby properties by up to £5,000.

Totting up the transport links

If your property is next to train station you might be sitting on top of a commuter’s dream home. Living near a London tube stop both cuts down average travelling times and adds a few extra numbers onto the property price. Homes that are 250 metres from a tube station are around 10.5% more valuable than those 1,500 metres away, while owning a Manchester property that’s close to a Metrolink station adds an extra £8,300 onto the price.

In areas where transport links are expanding, home values tend to skyrocket even before the construction work has finished. For example, the ‘Crossrail Effect’ has already affected neighbourhoods in Reading and Slough, where prices have risen by 33% and 60% respectively.

When talking to viewers about the potential drawbacks that come with living near a transport link, pre-empt their likely concerns. For example, be ready to talk about the noise and how you have mitigated it inside with double glazing and outside with fencing and hedging. Or if you haven’t got round to it, find out approximately how much soundproofing would cost for your potential buyers.

A good school or two

Parents and families scramble to find properties in local school catchment areas, so having a home near a high-achieving institution is a good investment. In certain regions, house prices rise by 1.5% when their nearby school gets a ‘good’ or ‘outstanding’ Ofsted rating, so make sure you take a look at how your local primaries and secondaries are performing.

It helps if they’re within walking distance of your front door, although having a home on the same street or backing onto a school can have its noisy moments. However, when talking to your potential buyers, make sure you highlight that the congestion that comes with living near a school only happens twice a day for 20 minutes and only in school term time.

Get Expert Advice

When you’re ready to sell up and move on, make sure you begin with a bespoke home valuation. This will look at both the unique features of your property as well as the local market and your surrounding area to create an accurate overview you can use to guide your asking price. For a free home valuation conducted by a local assessor, contact HouseSimple.com today and begin your free trial.

With thanks to HouseSimple

 


 

References:

  • http://www.myhomemove.com/news/the-aldi-effect-adding-an-additional-5-000-to-the-value-of-your-property-within-weeks-of-a-new-store-opening
  • http://www.lloydsbankinggroup.com/Media/Press-Releases/press-releases-2017/lloyds-bank/290517_LB_Supermarket_House_Prices/
  • http://www.telegraph.co.uk/news/2016/09/19/the-aldi-effect-local-store-adds-5000-to-the-value-of-your-home/
  • http://www.nationwide.co.uk/~/media/MainSite/documents/about/house-price-index/London_Transport_Special_2014.pdf
  • https://www.housesimple.com/blog/the-crossrail-effect-new-property-hotspots

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