This property feature could boost your homes value by 196%
Research by estate and lettings agent, Barrows and Forrester, has revealed that homes with a good view command a price premium as high as 196% compared to the rest of the market.
Barrows and Forrester’s research looked at how the average price of a home listed for sale as having a particularly good view differs to that of the wider housing market across Great Britain.
The research shows that the average price for a home which is listed as having a ‘good view’ in Britain is £603,119. When compared to the current wider national average of £281,719, this is a premium of 114%.
The biggest premium is reported in England’s North West where good view properties command an average price of £606,175, a premium of 196% compared to wider local average house price of £205,121.
In Scotland, good view homes command a premium of 188% with an average price of £522,180 compared to the wider average of £181,415 while in the North East, a good view average of £440,799 is 185% more than the wider regional price of £154,913.
Other regions to carry a premium of more than 100% are Yorkshire & Humber (183%), Wales (158%), the West Midlands (115%), East Midlands (113%), and London (100%) which is also home to the highest average good view house price of £1m.
The smallest premiums are found in the East of England (59%), South West (70%), and South East (85%).
James Forrester, Managing Director of Barrows and Forrester, commented:
“A particularly good view is up there with some of the most sought after features of a good home and can be as important as the number of bedrooms, or the availability of parking. It acts as an extension of our outdoor space and this demand can mean buyers are willing to pay a handsome premium.
Of course, a home situated along a beautiful stretch of coastline, or nestled between some rolling hills is also likely to be on the larger side and situated within the upper end of any market to begin with.
So when you combine this property pedigree with such high demand, it’s hardly surprising buyers are willing to pay so much more for a property with a great view.
However, it’s important to remember that it might not last forever. New homes, particularly high rises, can obscure what was once a dream view. While there’s not a great deal you can do it about it, it’s always worth checking if any construction is underway, or if planning permission has been granted within your line of sight before you make an offer.”