A new report released by Lloyds reveals living near certain amenities can really affect your home’s value. The report suggests that having a leading supermarket near your home can seriously boost its value, while other reports have found that access to amenities was important for 54% of home movers, up from 39% back in 2014. In fact, access to amenities is voted the third most important thing when choosing a home.
So which local amenities add the most value to your property?
There is definitely a correlation between house price and proximity to a supermarket, however it is not clear which came first: do supermarkets move to areas where home values are higher, or does the build of a new supermarket push up the prices?
Within the Lloyds report it is stated that living near a Waitrose can increase your house value by £38,666, a huge 10% over the area’s national average. Budget supermarkets like Asda, Lidl and Aldi, however, add less to the value at £5,026, £3,926 and £1,333 respectively. This could however just be down to their choice of areas in which they choose to locate their stores.
Having a quality high-street restaurant such as Gusto’s or Carluccio’s nearby can boost the value of your home and it seems the better the restaurant, the bigger boost to your property’s worth. Having a Michelin-starred restaurant on your doorstep can add up to 50% to the value.
Despite this, not all restaurants are good, being within walking distance of a McDonalds saw a dip of 24% in house prices compared to other homes in the area. Much like the supermarket quandary, this may be due to other factors (for example a McDonalds is often located near a main road) but it is worth considering.
Access to transport was voted the 7th most important factor when looking for property, however transport hubs are a tricky one and their ability to boost your home’s value depends on the type of hub. Train access is generally very good, whilst airports, less so. The choice of transport is however personal, with many liking the access to motorways while others with international connections may also like a proximity to an airport, just as long as they’re not directly under the flight path.
Parks and green spaces are also hugely popular among house hunters. Housing surveys show that outstanding countryside views are a top priority for people when moving house, followed by walking trails. Additionally, having a regional park within walking distance of your home can add between 1.9% and 2.9% to your total house value.
Here at Wright Marshall we understand the housing market and are able to identify and monitor the key drivers that will impact property prices over the short, medium and longer term. If you would like any advice in this area, feel free to contact our team in your local area.