Location, location, location can affect house prices by 20 per cent
10 June 2003
The price of property can fall by up 20 per cent if it is located next door to a run-down or derelict house, according to the results of a new survey.
The research by Hometrack also found that proximity to amenities such as good schools, a railway line and greenery could boost the price of a house considerably.
Living near a main line railway could add 11 percent or 14,872 pounds to the value of the average house in the UK. However, living right by a railway line works in the opposite way, decreasing a property's price by around six per cent, or around £8,000.
Similarly, living right by a busy road cuts prices by up to 12 per cent, the website claims.
Top state schools can add up to eight per cent to property values around the country, while in London this figure rises to around 10 per cent.
The survey results also showed that proximity to a motorway or dual carriageway links added an extra 10 percent, open countryside or a park six percent, good restaurants and pubs five per cent and a quality foodstore four per cent.
John Wriglesworth, Hometrack's senior economist commented, 'People's top priority is for excellent communications links. Roads and railways are the biggest positive influences on the price of our homes. Good schools, good shopping, open space and pleasant leisure facilities also score highly.'
A late night venue, pungent takeaway, derelict land or an airport flight path could all take up to 15 per cent off the price of a home.
Homes close to a waste or refuse station can expect prices to drop by 12 per cent, local authority housing or a poorly-rated comprehensive school by 10 per cent, electricity pylons nine per cent, a prison eight per cent and mobile phone or telecom masts three per cent.
John Wriglesworth added, 'Homeowners are looking for a peaceful environment with fresh air, so noisy clubs and smelly takeaways that are too close for comfort are always unwelcome. The big no-no is being next to derelict houses. People want their homes to be havens of peace in a mad world, and the last thing they need is to have to worry about squatters or vandals.'