In the world of property, savvy investors are always on the lookout for factors that can significantly boost a property’s value. Discovering these hidden gems can mean the difference between an ordinary return on investment and a game-changing profit. If you’re in the property game, whether as a seasoned investor or a newcomer, understanding the factors that could add tens of thousands of pounds to your property’s value could be the edge you need in this competitive market. Read on to uncover the key property feature that could add £67,00 to a property’s value and the region that offers investors the highest property price premium for this property characteristic.
The attraction of corner plots
Corner plots are proving to be a popular buy in the UK property market, with new market analysis highlighting achievable premiums for properties with this key characteristic of up to £67,000.
Properties on corner plots stand out for numerous reasons. For example, with neighbours on fewer sides corner properties often enjoy more natural light; they also sometimes offer a larger garden space than neighbouring properties, especially to the sides. Some provide the convenience of on-street parking both at the front and side and, of course, present the added benefit of having one fewer neighbour.
Which regions command higher premiums for corner properties?
According to the research, on average, homes situated on a corner plot in England enjoy a premium of £24,285 compared to their non-corner plot neighbours. This represents an 8.0 per cent premium over the national average property price, which stands at £303,557.
It is London, however, that demands the highest property price premium for a corner plot property of £67,108 or 12.8 per cent more than the average property. The rarity of corner plots in the Capital — constituting just 0.3 per cent of listings — explains this hefty premium.
Meanwhile, Yorkshire and the Humber offers the highest proportion of corner plot listings at 9.3 per cent of the total properties listed for sale. This figure is significantly above the national average of 5.0 per cent. Other regions with higher-than-average corner plots to properties listed for sale include the East Midlands (7.5%), the North East (7.4%), the West Midlands (6.1%), and the North West (5.9%).
The South East has a lower proportion of corner plots (4.4%) for sale, however, the sheer size of the region’s property market means over 5,000 corner plot properties are available in the region. In contrast, the North East, despite having a high proportion at 7.4 per cent, offers only 1,808 corner plot homes out of its 24,305 listings.
Adam Day, Head of eXp UK, which conducted the research commented: “If you’ve previously had a run-in with a terrible neighbour or like the idea of a wraparound garden then perhaps you should look to buy a home on a corner plot. However, whether that’s an easily achievable prospect depends on where you want to make a purchase.
Proportionally you’re 31 times more likely to find a corner plot in Yorkshire and the Humber than London, which sit at opposite ends of the spectrum in terms of availability. Even if there’s a premium perhaps it’s worth it – as that extra value will likely be maintained throughout the years.”
