Phil Spencer shares importance home renovations in 2021
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
With the property market still relatively strong across the UK, many Britons are looking to sell their homes for the best price they can. While a lick of paint, new flooring, and a luxurious kitchen can all boost property value, there’s one feature, in particular, that can boost value by as much as 81 percent in some areas.
The latest research by estate agent comparison site, GetAgent.co.uk, has revealed that homeowners entering the market with a corner plot property can expect to achieve as much as 81 percent more compared to the average property.
A corner plot home usually has more space down the side of the property which can mean gardens are bigger and there’s the potential to extend the property.
Outdoor space has become especially sought-after since the pandemic as more people spent time in their homes.
Corner plots are considered a great investment because they’re not surrounded by houses on all sides meaning they can have more natural light and better ventilation.
READ MORE: Prevent fruit flies with ‘simple and cost effective’ tips
Another big bonus of a corner plot is the fact they often provide a homebuyer with double the amount of on street parking.
GetAgent analysed the current price paid for corner plot properties across the UK in each region and compared this with the regional average house price.
They then worked out how much more people will pay for a home if it’s located on a corner plot.
The figures show that the average British home commands £289,807 in current market conditions.
‘Highly effective’ natural methods to ‘eradicate’ ivy ‘for good’ [INSIGHT]
‘Highly effective’ natural methods to remove garden weeds in ‘no time’ [UPDATE]
The Grade-II listed manor house Laurence Llewelyn-Bowen calls home [ANALYSIS]
However, those entering the market with a corner plot property are selling for an average of £399,505 – a 38 percent property price premium and £109,698 more than the average seller.
Unsurprisingly, a corner plot property is rare in a built-up city like London so a corner plot in the capital will see sellers secure the biggest price premium.
Corner plot properties sell for an average of £972,341 in London, an 81 percent increase on the general average London house price of £537,920.
In the South East a corner plot could see sellers secure as much as 46 percent more than the average house price in the region.
The average corner plot sells for £570,183 while the average house price in the region is £390,513.
Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea
The North West (44 percent), Wales (40 percent), the West Midlands (39 percent) and the North East (39 percent) also have some of the largest price premiums.
In Scotland, the East Midlands and the South West, the premium price paid for a corner plot property is at its smallest margin.
However, buyers are still willing to pay 29 percent above the regional average house price to secure such a property.
Co-founder and CEO of GetAgent.co.uk, Colby Short said: “We’ve become accustomed to homes flying off the shelves at alarming rates and for some astonishing prices in recent times, as a huge influx of buyers have fought it out for an inadequate level of property for sale stock.
“But even still, it pays to know what appeals to buyers before entering the market and the features and selling points that will not only differentiate you from the rest, but also help you secure a far higher sold price, even when compared to your next-door neighbour.
“A corner plot property will certainly help you do this and the additional space, parking potential and privacy are just some of the reasons that a corner plot property will be in high demand amongst potential buyers.
“The good news is that you don’t have to be a property expert to maximise your property’s unique selling points.
“Any good estate agent should both recognise these unique features and advice on the price premium they can fetch in your local market, allowing you to price your property and market it appropriately.”
Source: Read Full Article