Where would you live in order to own the home of your dreams?
As the prices of homes grow, the levels of quality around are slowly starting to dip however, many people don’t seem to be put off by the location of a property just so that they can live in the house of their dreams. For example, many aspiring purchasers, whether they are first time buyers or already on the property ladder are more than happy to live within a few yards of an unattractive landmark such as a power plant or waste site.
According to the Land Registry, during the past 12 months a total of £10,000 pounds has been added towards the value of an average property. With this being a forthcoming issue for many potential buyers, over a third have suggested that they are now highly likely to accept the prospect of living by a cliff side or even a prison. Never the less, according to estate agent ‘Housesimple’ half of the percentage of resident’s state that the property would need a further 30% or more cut in the overall price to make it possible for them to live there.
The largest scenario that would deter someone away from living/purchasing a property in a particular place is a nearby flood plain or rubbish tip. Surprisingly 16% along with 24% of respondents stated that they would live by either of these however, if they did there would have to be a discount of some sort, totalling a great amount.
Around one in five potential purchasers are highly likely to expect a discount totalling more than 50% if the property is located in a flood plain area whilst the other eight out of ten would not consider purchasing unless there is room for likely negotiation around taking at least 15% of the grand asking price of a property.
Managing director of Housesimple, Alex Gosling said;
“Despite an overwhelming majority refusing to buy next to a rubbish tip or on a flood plain, there are some locations buyers seem more willing to compromise on, perhaps recognising opportunities to haggle hard on price. The effects of last year’s storms on properties on flood plains have undoubtedly made people more aware of the risks than ever before and homeowners looking to sell a property on a known flood plain may have to be willing to discount hard if they want to secure a quick sale”.
Afflictions that most potential residents where less anxious about when buying a property included being within a viewing distance of solar panels, wind turbines or even being next to a restaurant, school or take away. To the interest of many officials, at least 60% of the recorded 2,134 that had been polled where more than happy to buy a home next to a phone mast conversely, 48 percent would consider buying adjacent to an electricity pylon.
Alex Gosling stated; “its good news for Britain’s renewable energy drive that homes in view of solar panels and wind turbines are not considered blighted properties by the majority of potential buyers”.
Nicole Cran, Pali Ltd
- Halloween Competition Time!
- HS2 - What is the Future of the Scheme?
- Free Webinar on Terrafirma Ground Report - When is it Needed and Why?
- Free Webinar - Which Report for which Scenario?
- Five Luxury Mansions to be Demolished!
Subscribe to receive a weekly update of our blog posts