Aspect, water, height - do they affect value?
A well known Insurance firm claims that there is effectively no premium in a home having a south-facing garden. It claims analysis of asking prices reveals homes with south facing gardens carry a mere 0.37 per cent premium compared to properties with north facing gardens.
South facing gardens have long been touted as desirable because they typically get the sun for most of the day and are therefore thought to be warmer and brighter, but it appears this isn’t reflected in property prices. However, if they are referring to rebuilding costs, the result is not surprising as it is location and the open market that determines value and buyers will often pay more for what they prefer.
The research also suggests that river views do attract around a nine per cent premium, and cites one development where a three bedroom property with a river view has an asking price of £850,000 - no less than 42 per cent more than an identically proportioned and designed property elsewhere in the development.
Another aspect of the study revealed that you can pay significantly more if you prefer to live higher in a new apartment block. One developer said it added a £15,000 premium to the asking price for every floor.
North, south, east, west, high or low, it’s all down to personal choice. Have breakfast with the sun shining on your croissant or a late barbecue in the garden or balcony watching the sunset. Having said that, we are not surprised that a south or west facing rear garden has the edge in this often damp and overcast country of ours, where there remains a craving for Al Fresco dining.
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