What factors affect house price
Anyone who watches a property show knows there’s dozens of factors that can impact the value of your house – from the condition of the building itself to the surrounding area. Some things can help boost your property’s value, while others might lower it.
What brings down the value of a house?
Factors that can bring down the value of a house include:
- Age of the property
- Poor condition
- Outdated decor
- Damp or mould
- Short leaseholds
- Surplus of certain property types in your area
- Closing of local amenities like doctors or shops
- Poor transport links
- Poor local school ratings
What factors increase house prices?
Factors that can increase the value of your house include:
- Extensions, conservatories, garages and outbuildings
- Improvements to the local area
- Investments in amenities and the local economy
- Positive school ratings
- Appearance in best place to live studies
- Positive media coverage
- Updated and good quality kitchen and bathroom suites
House values by postcode
The area you live in will also impact the value of your property – right down to your postcode. The reputation of a postcode alone can impact how much your house is worth. Similar homes on different sides of postcode borders can have different values.
Outside the desirability of certain postcodes, it’s also partly due to postcodes being linked to average earnings, credit scores and other factors like shopping habits of people in that area.
Postcodes also determine your choice of GPs and school catchment areas – both of which can affect the value of your home.