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Many of us are familiar with the regular TV property programmes that continually highlight the importance of location when it comes to buying or selling property in the UK, but to what extent does this really affect the value of a home and what are the deciding factors? The major influence on property value in terms of location is the proximity to local amenities such as banks, shops, schools, doctors, public transport and facilities. This explains why so often property prices soar in towns and cities compared to more rural locations. However, having a city location does not necessarily guarantee a high property value. The location of a property is assessed almost at the individual level, looking at what directly surrounds it. Is the property facing onto a busy road when there are quieter roads in the surrounding area? This can be a cause of concern for families with young children or a nuisance with noise and pollution. Similarly, properties located near to a railway line, pylon, industrial estate or noisy pub will have a lower value than houses of the same size that are located in a quiet and safe area of the same town. Schools are another important factor. Studies have demonstrated that properties within the catchment area of a particular school can have a value up to 34% higher than similar properties outside of the catchment area. On the other hand a property can actually decrease in value again if it is located too near a school where there are issues with parking, traffic and noise. The situation of the property within the natural environment can also affect the house price. For example, if the property is located on a receding coastline or on a river floodplain that has reported flooding incidents in the past, then these issues will undoubtedly affect the property value. When you are looking at purchasing a new home it is always advisable to consider the location of the property as well as the size and structure of the building. If you have your heart set on moving to an area that is particularly expensive then you may have to compromise on other aspects of the home you are looking for such as size. However, if the location is a little more flexible then you will certainly find better value for money just outside of the desirable location, in which case it may be worthwhile moving just a few miles away from where you had planned. Whether you are looking at buying a new property or properties that are hundreds of years old it is always worth bearing in mind the location of the potential new property to ensure you get the best value for your money.
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