Is your property worth £20k more than your neighbours?
The latest research from quick sale specialists, Open Property Group, has revealed that there’s one common property feature found on every street that could mean your home is worth £20,000 more than your neighbour. The bad news? Just 5% of all homes currently on the market boast it.
Open Property Group analysed market data for homes currently listed for sale to reveal both the prevalence and property price premiums for properties boasting a corner plot position on their street.
The research shows that corner plot homes listed for sale in the current market command an average asking price of £388,163*. The figures also show that homes in a similar area and of a comparable size without the benefit of a corner plot position are commanding a respectable £367,867.
However, this means that, in the current market, a corner plot property commands a premium of 5.5%, or £20,296.
Why? A corner plot property boasts many benefits, not least they often provide additional on street parking right outside your home, the potential for more outdoor space that also wraps around your property connecting your front and back gardens in full, and they often boast better potential when it comes to a potential extension of the existing building.
No surprise then, that with a corner plot property offering the potential for more outdoor and indoor space, their premiums are highest in London where more space is a hot commodity. In fact, the current house price premium for a corner plot property in the capital is 10.4% or £83,004.
In the North East, a corner plot property also commands a healthy premium of 10.3%, but with the region home to lower house prices than the capital, this equates to just £23,212 in pounds and pence.
The North West is home to the third highest corner plot premium at 7.2%, with corner plot properties commanding £22,006 more in today’s market, while even in the East of England where this premium sits at just 3.8%, it will still bag you £17,078 more than a property without a corner plot.
The bad news? There are some 31,874 corner plot properties currently listed for sale across the nation which equates to just 5.1% of all homes listed for sale.
So the chances of finding one that suits your budget and in your desired location could be slim. However, those in Yorkshire have the best chance with corner plot properties accounting for 8.7% of current for sale stock, with the North East (7.2%) and East Midlands (7.1%) also home to some of the highest levels.
CEO of Open Property Group, Jason Harris-Cohen, commented:
“When it comes to selling their property, home sellers will consider all sorts of inventive ways to boost their market value in an attempt to stand out from the crowd and achieve the very best price, where it be a simple lick of paint, or converting the garage or attic into a livable space.
Of course, the issue is that most home improvements require time, effort and money and it’s not guaranteed that you will see a profit when you do finally come to sell, particularly at the moment with buyer demand levels having dropped and property prices stalling.
However, those with a corner plot property could be quids in without even knowing it, or without having lifted a finger or paintbrush. It might not be something you have considered before, but if you have a corner plot property you can rest assured that it should not only attract a greater degree of attention, but it should also command a better price than your neighbours.”
Data Tables and sources
Corner plot property listing numbers, property values and comparative prices for similar non-corner plot properties sourced from PropertyData
Total market listing data sourced from Rightmove.
