New research has revealed that one particular feature can add a significant premium to a property’s value to the tune of 81 per cent compared to other neighbouring properties.
As a property investor, it pays to know the key selling points that will not only differentiate your property from the rest but also help you secure a far higher sold price, even when compared to your next-door neighbour.
This new research has revealed that owners of a corner plot property can expect to achieve up to 81 per cent more for their investment compared to the average property in the area.
People in London are crying out for more space meaning corner plot properties in the Capital were found to achieve the highest house price premium in the research, selling for an average of £972,341 – some 81 per cent higher than neighbouring properties with an average house price of £537,920.
In the South East, a corner plot could see you secure as much as 46 per cent more than the average house price in the region, while the premium was found to be 44 per cent in the North West, 40 per cent in Wales, 39 per cent in the West Midlands and 39 per cent in the North East.
Even in Scotland, the East Midlands and South West, where the premium for a corner plot property is lower, buyers are willing to pay 29 per cent above the regional average house price to secure such a property.
Nationwide, the figures show that while the average British residential property commands £289,807 in current market conditions, those entering the market with the upper hand of a corner plot property are selling for an average of £399,505 – a 38 per cent property price premium and £109,698 more than the average seller.
Corner plot properties are in such high demand as they offer more overall space compared to a regular plot, allowing for more potential to extend a home, or the benefit of a greater degree of outdoor space – a feature that has become particularly sought after following the pandemic.
Colby Short Co-founder and CEO of GetAgent, which conducted the research, commented “The additional space, parking potential and privacy are just some of the reasons that a corner plot property will be in high demand amongst potential buyers.”
