The old adage ‘location, location, location’ often rings true for homeowners when it comes to moving house. Understandably, it’s a huge factor when it comes to almost any house search. But typically, people prioritise other things too – from looking for a Victorian terrace with that perfect original fireplace, to a new build flat with a stunning open plan kitchen – it’s these differences that bring such variety to the housing market. And just like the differences in taste, so too are there differences in the amenities that people typically look for/ prioritise when they are buying a house.
For instance, for commuters, being close to a train station could be a big priority. Or for somebody that loves to shop, being situated nearby to the local high street could be a plus. Here, we take a look at some of the general influencers, and what they can mean for nearby property prices.
The ‘Waitrose effect’
According to a study by Lloyds Bank, one of the latest house price influencers is supermarkets. Dubbed the ‘Waitrose effect’, the study revealed that houses located nearby to a Waitrose can typically command up to an extra £40,000; it also found that discount retailers affect prices too.
And in the supermarkets that fall in between, a property that’s situated nearby to a well-known supermarket chain can benefit from up to an extra £22,000 in value.
Mike Songer, Lloyds Bank Mortgage Director, commented: “Our findings back-up the so-called ‘Waitrose effect’. There is definitely a correlation between the price of your home and whether it’s close to a major supermarket or not.”
However, he added that “there are many other drivers of house prices beyond having a supermarket on your doorstep”. And here at Clyde Property, we have certainly found this to be the case.
Not all of us have children, but for those that do, or that are considering starting a family – being close to the right school is a big consideration when buying a home. And in terms of adding value, it’s certainly an important consideration too. According to a report from the BBC, being located nearby to a good school adds £18,600 to the average house price in England; and at Clyde Property, we see a similar pattern in the Scottish market.
For some, having immediate access to tree-lined walkways, fresh air, and an abundance of fields is a top priority. For many clients on Clyde Property’s books, lots of green space is often a big request – and properties that deliver that can therefore command a higher price point. We found this to be especially true in areas closer to the city hubs through the country – as people seek both country living but also convenient travel links.
Another aspect and benefit of green living comes in the form of Farmers’ Markets. It might not seem as obvious, but a recent study revealed that properties that are located within a reasonable distance of a Farmers’ Market can fetch a fair bit more when it comes to selling up – 26% more in fact.
So, from good transport links, to good schools, to upmarket supermarkets, to green space and markets to name but a few, there are certainly a lot of different influences on local house prices. But ultimately, the thing that adds the greatest value to a home is matching it to you – and ensuring it features the things you personally look for in a home.
What’s important to you when looking for a home? And do you think it can add real value? Comment below, we’d love to hear your insights!
Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.