What's important other than the house itself?

Discussion in 'UK Property' started by ethan4x, Feb 28, 2013.

  1. ethan4x

    ethan4x New Member

    Valued opinion of users.

    I'd be interested to know peoples opinions, on a local scale, of which neighbourhood attributes and services are the most/least significant in determining house price? Does anybody have any interest in this? Many thanks.
     
  2. TurnKey Landlords

    TurnKey Landlords New Member

    Crime statistics in the local area tend to have a large impact. A buyer has the means to check this quite easily, and even if they don't one can generally make a quick assumption about an area one has just visited.

    As for amenities, proximity to transport links, shopping and entertainment go hand-in-hand, so it's hard to measure the impact of just one of those. Research suggests that being within half a km of a tube station in London can increase the selling price of a property by about £25K.

    Being in the catchment area of a good local school is likely to increase family interest, and will be more important than other aspects (given access to driving) than to young professionals, singles, couples without children etc.

    What seems to affect valuations most is the selling price of comparable local properties - which is bound to be lower in a suppressed market. Agents take this, and potential interest, into account more (one might argue) than local features and amenities.

    The prevailing affect on selling prices is buyer interest. Resale price of properties that have been sold more than once since 1990 is by far a more accurate indicator of house price movements IMO, which is why I tend to trust the Land Registry's index over others.
     
  3. Benn

    Benn New Member

    Perspective of the land can also be a factor, with those on the higher side of a hill generally being perceived as more attractive. Also consider North/South aspects...the amount of sunlight a property gets.
     
  4. Ryan M

    Ryan M New Member

    Too much inventory and foreclosures in an area can impact on demand thus pricing of houses.
     
  5. halley decosta

    halley decosta New Member

    I agree with the first point about confirming crime statistics in the local area.I thought that real estate market,rates comparison,previous condition of an area would also be considered.
     
  6. As41lton

    As41lton New Member

    A property is only worth what someone is willing to pay for it, which is why comparible properties in the area are so much of an influence on house price. First an foremost is sold house prices. If two properties on the same street are up for 100k and one of them sells for 60k, it will become extremely difficult to sell the other property for 100k, in other words, houses are easily devalued as a result of other sold house prices...
     
  7. PropertyGal

    PropertyGal New Member

    Try to look objectively at the property of your liking, try not to treat the house as a home but just as a building that needs inspecting. Except if you have a deep wallet, you will want to be watchful of any expenditure involved in getting your fantasy home up to a satisfactory standard...There are several of things to lookout for when viewing a property:

    roofing, surrounding neighbourhood, cracked walls, viewing times of day etc etc etc.


    Im interested in what other people feel you should be looking at other than the house when looking at property potentials?

    Good Luck!

    Natalie
     
    Last edited by a moderator: Apr 30, 2013
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