How to work out the next property hotspot
The location of a property is often a key compromise buyers need to make when it comes to house hunting.
Seven in 10 (70%) people who got on the property ladder in the last two years say they ended up buying a home that was not in their original preferred place, according to a survey from Post Office Money.
On average, they were living a 26 minute drive away from where they had originally wanted to be.
So if you can’t buy in your ideal location, how can you pinpoint areas within your budget that may be likely to see property values rise in the future?
Post Office Money has teamed up with technology firm Proportunity to help buyers identify the potential “hidden gems” of the future in five steps:
Step 1: Identify the more affordable areas of where you want to move to, by looking where property prices are much lower than the average for your city or region.
Step 2: Consider whether you want to avoid areas that have already seen particularly high house price growth in recent years, as there may not be as much room left for further increases in property values.
Step 3: Look at any projects planned that could impact on the area that may be a sign of regeneration and a potential increase in house prices.
Step 4: Look at crime rates in the area to understand whether they are improving or worsening.
Step 5: Any developments planned for schools in the local areas could also have an impact. Improvements in the education offering in affordable areas could potentially push house prices up.
Last year most property sales in Kent involved terraced properties which sold for on average £288,222