Living within 20 minutes of your local town centre could add £30,000 to your home’s value
The latest research from geo-location property platform, The Property DriveBuy, has found that homes within a 20-minute walk of their nearest town centre command a significant price premium, adding as much as £30,000 to property values.
The Property DriveBuy analysed more than 24,000 homes currently listed for sale across England, comparing average asking prices for those within walking distance of a town centre against wider properties in the same regions.
The research shows that, across the country, the average home within walking distance of a town centre is valued at £384,454 in the current market, almost £6,000 more than comparable homes further afield.
London is home to the largest house price premium paid, where homes within walking distance of a town centre carry a house price premium of £31,333.
Yorkshire and the Humber ranks second, with a premium of £6,073 for homes closer to town, while the East Midlands sits third at £4,687.
The South East also shows a marked difference, with homes within walking distance valued £4,434 higher, followed by the South West (£3,450), West Midlands (£3,161), North East (£2,903), North West (£2,839) and East of England (£1,869).
Steve Foreman, Founder and CEO of The Property DriveBuy, commented:
“For buyers, living within close proximity of a town centre is clearly preferable, as shown by the premiums they are willing to pay. For sellers, ensuring that their property benefits from advertising footfall is vital to securing a higher price than comparable homes located further out.
However, all too often the restrictive search criteria of the major property portals mean that many buyers miss out on potentially perfect homes within their desired proximity to the nearest town.
That’s why it’s so important to get out there and whilst doing so, geo-location search can ensure you also see every property on the market in real time whilst, which means you don’t have to scour estate agency windows or keep an eye out for for sale boards.”
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