When estimating what property’s value, it’s important to look at what’s in the surrounding area. From mobile phone masts to troublesome neighbours, here are five key things that might be driving down your property’s value.
Japanese knotweed is an invasive species that can devalue a property by 10-20 percent, and in some extreme cases it’s been known to completely wipe out a property’s value. It was introduced to the UK by the Victorians as an ornamental plant. In its native Japan, it’s kept in check by Japanese soil fungi and plant diseases, but in the UK the absence of these means it can run amok. The plant spreads via its underground roots and can seriously damage construction materials such as brickwork and concrete, as well as wiping out native flora. Removing Japanese knotweed has to be done by an expert contractor, and the work should be accompanied by the appropriate guarantees. Unfortunately, the cost of fully removing it can run to thousands.
McDonalds and Primark
Proximity to some stores, such as Waitrose, M&S or Prezzo, can increase the value of your property, but proximity to other stores is linked to a lower property value. Research has found that being close to McDonald’s or a Primark is particularly bad news: properties near a McDonald’s can take a 24% hit on their value while properties close to a branch of Primark can be 23% lower in value. Interestingly, one of the very best shops to live near is M&Co. Proximity to one of their branches is linked to a 39% increase in value.
While good neighbours can increase the value of your property by around £19,856, bad neighbours have been shown to knock around £37,000 off the value of the average property in the UK. There are plenty of reasons why neighbours can fall out – among them, barking dogs, rubbish, boundary disputes and quarrels over parking spaces. The top reasons for conflict between neighbours include noise, unfriendliness and not taking care of the property. Nobody wants potential buyers to see a property with an untidy garden or boarded up windows next door. Poor upkeep, an overgrown garden and piles of rubbish have been found to devalue properties by 8.2% – that’s around £17,321. Broken or boarded up windows next door can knock £23,000 off your house price. Research has also found that 43 percent of buyers wouldn’t buy a home next to a dilapidated property, and 37 percent wouldn’t buy a property next to a student house. It’s worth remembering that you have a legal obligation to disclose any disputes you’ve had with your neighbours when selling your home.
A bad school
While proximity to a sought-after school can increase the value of your property, being close to a school with a bad reputation can have the opposite effect. Research has found that 26% of home buyers consider the quality of nearby schools when looking for a new home. A property near an “outstanding” school is typically worth £100,000 more than the average price of a property near an “inadequate” school. There’s not much you can do about this – other than getting involved, if your children go to the school in question. Parental involvement with schools has been shown to increase their performance.
Wind farms, power lines or mobile phone towers
Research by the London School of Economics has found that a large wind farm can reduce your property’s value by 12% if it’s within 2km of you home and can still have an effect if it’s as much as 14km away. A visible average sized wind farm can knock around 5-6% off your property value if it’s within 2km of your house, while if it’s 2-4km away, it will knock off less than 2%. Power lines and mobile phone towers have also been found to have a damaging effect on the value of your property, especially if they can be seen from your property.
Need a quick sale?
If your house is affected by any of these issues it might prove difficult to sell. That’s where we come in. By selling your property to Property Buyers Wales, you can free up your equity as quickly as possible and move onto the next chapter in your life. We’ll offer you a fair price, which we’ll stick to, and the whole process can be completed in days. Get in touch now to find out more.