The top influences on house prices have been unveiled
Top influences on house prices revealed
Friday, 17 Nov 2006 17:10
The one factor that adds the most to a house price is having a mainline rail or tube station within two miles of it, haart estate agents reveal.
Being close to transport links adds on average £20,000 to a property value.
But while transport links are have the biggest impact on house prices, it is a fine line to draw, with homes too close to a railway lines or flight paths actually losing value as noise becomes more important than convenience.
"It is widely known that factors such as good transport links can push property prices up and derelict houses can drag them down, but many homeowners do not realise the extent house prices can be affected," said Russell Jervis, managing director of haart.
"For time-starved commuters proximity to excellent transport links is highly desirable, boosting house prices in the immediate area considerably.
"But transport routes can also have a detrimental impact on house prices, with proximity to a noisy flight path or a rail line, lopping off up to 15 per cent of the value of your home."
After transport links, schools are the next largest positive influence on house prices, with a properties falling inside the catchment areas of top state schools worth on average £18,000 more.
"Parents are willing to pay a premium to secure a place in their chosen school," Mr Jervis said.
"At the other end of the scale, buyers should be very mindful of the impact run-down houses and late licence music venues or takeaways, which top the chart of least desirable factors, can have on property prices."
Top value adding external factors
Mainline tube / railway station - £20,000 (12 per cent)
Top state school - £18,000 (11 per cent)
Motorway / dual carriageway links - £15,000 (9 per cent)
Open countryside / park - £15,000 (9 per cent)
Vibrant social scene - restaurant / pubs - £10,000 (6 per cent)
Quality food store (Waitrose / M&S) - £7,000 (4 per cent)
High street facilities (e.g. banks and newsagents) - £5,000 (3 per cent)
Sports club / exercise facilities - £3,000 (2 per cent)
Good NHS hospital - £3,000 (2 per cent)
Cinema / entertainment - £2,000 (1 per cent)
Top value decreasing external factors
Run-down / derelict houses - £20,000 (12 per cent)
Late licence music venue / takeaway venues - £18,000 (11 per cent)
Derelict land - £15,000 (9 per cent)
Airport flight path - £15,000 (9 per cent)
Waste / refuse station - £13,000 (8 per cent)
Busy road - £13,000 (8 per cent)
Nightmare neighbours - £12,000 (7 per cent)
Poorly-rated comprehensive school - £10,000 (6 per cent)
Railway line - £8,000 (5 per cent)
Mobile phone / telecom masts - £7,000 (4 per cent)
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