BOOST YOUR HOME’S VALUE E
PUBLIC green spaces in major urban areas are scarce and, not surprisingly, if you want to live overlooking a park you can expect to pay for the privilege. According to new research by online estate agents HouseSimple.com, overlooking or living close to a park adds on average almost a third (32 per cent), or £78,415, to the price of a property.
The research looked at average property prices close to, or overlooking, a main park in 30 of the UK’s major towns and cities and compared prices to the average for the area to see what premium buyers might have to pay for a property.
In some of the cities you could be looking at paying twice as much for a property compared to the average for the area.
For example, Endcliffe Park in Sheffield, average property prices overlooking or close to the park are £415,230 compared to a city average of £187,757. That’s a hefty 121 per cent premium for a park view. Similarly, Sefton Park in Liverpool, average property prices are £349,929, which is 112 per cent higher than the average for the city of £164,986.
As you might expect, buyers will pay a substantial premium to purchase a property in the streets surrounding London’s Hyde Park. According to HouseSimple.com research, average prices surrounding London’s largest Royal Park are £1,327,670, more than £650,000 more than the London average.
However, park life is not necessarily out of reach. There are still parks in major towns and cities where average property prices are actually lower than the city average. For example, average property prices around Eastville Park in Bristol, at £213,992, are a third (32 per cent) lower than the average price in the area of £314,629.
Alex Gosling, CEO of HouseSimple.com, said: “In large urban sprawls where many properties don’t have a garden or access to a communal garden, living near public parks or green spaces is often one of the top wishes among buyers. That high demand inevitably impacts on the price people will pay, but many buyers may not realise just how much of a premium they could be paying.
“That doesn’t mean there aren’t good value properties around some of the UK’s urban green spaces, but for real value it’s probably worth looking at roads a short walk away.” Adding space is one of the best ways to improve your home and increase its value. If you’ve outgrown your home and can make it bigger by building an extension or converting the loft, cellar or garage, doing the work is often more economical than moving to a larger property. Plus, it allows you to create space tailored to your needs.
However, be careful not to extend your home in the wrong way. For example, if you’re converting the loft to create an extra bedroom and there isn’t enough living space downstairs for the total number of bedrooms, you’ll be making the house too top heavy. If you’re concerned about resale, ask local estate agents whether the work you’re considering is advisable. decade is always going to add value and make it nicer to live in. Central heating is a key home improvement because most of us want it, but installing it is expensive and disruptive, so it’s something to do at an early stage of a renovation. The same applies to rewiring – old wiring isn’t always obvious, but it can be dangerous. Having a property rewired is also expensive and disruptive and can create more work and expense because you often have to re-plaster afterwards. It’s often said that kitchens and bathrooms sell homes, mainly because updating them is costly and it’s not easy being without either while the work’s being done. Day to day, replacing a dated kitchen or bathroom with a modern one will make a big difference to your life, and you can fit a new one inexpensively, although it’s not hard to spend a lot. If you’re able to create one, an open-plan kitchen-diner or family room is En-suite bathrooms and shower rooms are another good way to add value and make your home life easier. You should have at least one bathroom for every three bedrooms, but when everyone’s getting ready in the morning, there can be a lot of pressure on that bathroom. This is when an en-suite is very handy. It’s also useful to have a bathroom or shower room on every floor where there are bedrooms, so, for example, a loft-conversion bedroom with an en-suite is usually more useful and valuable than one without. In places where parking space is limited, off-street parking is a big plus and most likely to add value in expensive urban areas. You may need planning permission for off-street parking and for a dropped kerb (to access the off-street parking easily), although the former can often be done without planning permission if you use permeable materials or have other drainage. See the interactive house at planningportal.gov.uk or ask your local council for advice.