The four factors that can slash how much your home is worth by £40,000

Martin Roberts discusses getting on the property ladder

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The property market has boomed throughout the pandemic, with the working from home shift seeing buyers prioritise larger homes with green space to accommodate their new lifestyles. But while sellers are having a fantastic time getting considerably more than they likely paid for their property in the current market, some rules certainly still apply, and some can sway the value of your home by £40,000, according to property experts at Online Mortgage Advisor.

Pete Mugleston, MD and Mortgage Expert for www.onlinemortgageadvisor.co.uk, told Express.co.uk: “Everyone knows that when moving into a new area it’s important to look for the best schools around and to check the transport links you’ll have, but people definitely underestimate how much of an impact it can have on the value of a property.

“Being near a poor school alone can cut off a whole demographic of potential buyers that have families, so when you also factor in transport links for those commuting to work, noisy neighbours, badly presented exteriors it can really cause the value of a property to take a hit.

“So many people have made the decision to uproot their lives and relocate over the past 18+ months since the pandemic began, so it’s essential that in a market like this, sellers do everything they possibly can to ensure they get the most out of the property they’re selling in order to make it as appealing as possible.

“While there’s not a huge amount you can do about the location of the property, you can try and make the property itself as best as it can be to entice them into buying it that way instead.”

READ MORE: Cost of moving home rises to record high after stamp duty holiday

Local amenities

Being in good proximity to shops and hospitality can boost the value of a home, but one amenity in particular can add an incredible amount.

The experts from Online Mortgage Advisor told Express.co.uk: “It has been found that living near a Waitrose can add as much as £40,000 to the value of your property.

“Additionally, if you have shops, restaurants and other amenities on your doorstep, you’re going to be able to request a significantly higher price for your property down to the convenience of the location.

“Whereas if you live in the middle of nowhere, people are always going to have to jump in a car or taxi in order to get anywhere, which can significantly impact the value of your property.”

Names and numbers

We don’t like to think people in Britain are overly superstitious in comparison to some other parts of the world – however, it’s been proven that the number of your house can have an affect on its selling power.

The team advised: “The name of the road that the property is located on has the biggest impact on the value, followed by having a house name rather than a number.

“So, if your house is number 13, you can guarantee that a lot of people will steer clear.”

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Poor schooling

Whether you have children or no desire to have children, your proximity to good schools can greatly impact the value of your property.

The mortgage advisers told Express.co.uk: “When you’re a parent and are planning on moving house, moving to an area with good schooling is always an essential factor.

“It stands to chance that the opposite, and an area having poor schooling is a big red flag for a huge demographic of buyers and can really impact the value of your home.”

Cleanliness

How clean is your area? Do your bins get collected regularly enough? Is your council on top of street cleaning?

While many think the value of the property depends on the home and its immediate surroundings, how well kept the surrounding area is can also impact the value of a property.

The experts advised Express.co.uk readers: “When a potential buyer views a property for the first time, it’s guaranteed that they’re also going to go and explore the area at the same time to ensure that it’s an area they’d be happy to live in.

“When an area has a lot of litter, or just simply looks dirty, it can be massively off-putting for potential buyers.”

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