Property

How much should you be pre­pared to pay for your ideal home?

EADT Suffolk - - Inside -

NO- ONE wants to pay over the odds for their home, but strong de­mand to be near a good school or a yearn­ing to live in the coun­try could mean higher house prices. If you fancy liv­ing in one of Bri­tain’s 15 Na­tional Parks, where you can make the most of the great out­doors on your doorstep, it doesn’t come cheap. Na­tion­wide says it will at­tract a 22% pre­mium or around £46,000 more than the av­er­age UK house for an oth­er­wise iden­ti­cal home. And from the Cairn­gorms in Scot­land to Dart­moor in Devon you can ex­pect to pay 5% more for prop­er­ties within 5km of a Na­tional Park com­pared to those just out­side.

Knight Frank has also looked at the cost of prop­er­ties in Ar­eas of Out­stand­ing Nat­u­ral Beauty (AONB), coun­try­side that has been des­ig­nated for con­ser­va­tion due to its sig­nif­i­cant nat­u­ral beauty. The Sur­rey Hills was the most ex­pen­sive AONB with de­tached prop­er­ties cost­ing an av­er­age of £900,000. Be­ing within easy reach of Lon­don and ma­jor towns such as Guild­ford and Ep­som, this is a pop­u­lar lo­ca­tion with strong de­mand.

“More re­stric­tive plan­ning regimes are in place, which means sup­ply can of­ten fall short of de­mand and along with the na­ture of ex­ist­ing stock, which tends to­wards older, larger homes with land, this has un­der­pinned pric­ing,” adds Oliver Knight, from Knight Frank’s Res­i­den­tial Re­search team.

Schools are an emo­tive issue, not least for par­ents plan­ning to move into the catch­ment of a top se­condary school, who will find they have to pay more for the plea­sure. Homes close to one of the coun­try’s top 30 per­form­ing state schools have an av­er­age price of £415,844 – that’s a huge 45% higher than in Eng­land as a whole ac­cord­ing to re­search by Lloyds Bank. In the past five years, the av­er­age price in the ar­eas with a top per­form­ing school has grown by 39%. The Read­ing School in Berk­shire has seen property prices in its catch­ment rise by 51% or £97,407, while around Ayles­bury High School in Buck­ing­hamshire prices are 48% or £93,521 higher. “All par­ents want to en­sure their children get a good ed­u­ca­tion and homes in ar­eas close to the top per­form­ing schools typ­i­cally com­mand a sig­nif­i­cant pre­mium,” com­ments An­drew Ma­son from Lloyds Bank.

While many of us in­creas­ingly rely on a home de­liv­ery ser­vice from our favourite gro­cer, homes close to a na­tional su­per­mar­ket ring up a price pre­mium of

‘If you fancy liv­ing in one of Bri­tain’s 15 Na­tional Parks where you can make the most of the great out­doors it doesn’t come cheap’

£22,000 com­pared to nearby ar­eas. Lloyds Banks says the “Waitrose ef­fect” will mean pay­ing an ex­tra £36,480, while a Marks & Spencer food store com­mands an ex­tra £29,992. How­ever, it’s ar­eas with bud­get stores such as Aldi, Lidl, Mor­risons or Asda that have seen the most rapid house price growth. In 2014, house prices in ar­eas with a Lidl were on av­er­age £4,700 lower than in neigh­bour­ing ar­eas – to­day they are £6,400 higher.

Of course house prices can also be ad­versely af­fected by a host of fac­tors. The NAEA Prop­er­ty­mark says home­own­ers are some­times sur­prised to hear that so­lar pan­els, rooms dark­ened by fo­liage and large trees and ex­pen­sive to main­tain swim­ming pools have de­val­ued their home, rather than made it more de­sir­able. The in­fa­mous Ja­panese Knotweed can also knock thou­sands off the price if the property is at risk of sub­si­dence as a re­sult.

While the sound of church bells and cocks crow­ing would not en­cour­age po­ten­tial buy­ers to ask for a dis­count on the price, cheer­ing and roar­ing from a nearby sports sta­dium on match days would make 52% of home buy­ers seek a fi­nan­cial in­cen­tive be­fore seal­ing the deal. The survey of house hunters by Jack­son-Stops also re­vealed that next door neigh­bours mak­ing a racket with loud mu­sic, late night par­ties, drilling and sim­i­lar ac­tiv­i­ties is the great­est ir­ri­tant to po­ten­tial buy­ers and for many peo­ple will be an ab­so­lute bar­rier to buy­ing that home what­ever the price.

Left: Rid­outs Farm­house, Bland­ford Fo­rum

Above: Seaton, Devon

Be­low: Church Court, Kent

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