WHAT AFFECTS THE VALUE OF YOUR HOME?

Published ¤ 11/06/2009

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Nationwide have carried out a special report into the factors that affect the value of your home.

  • A 10% increase in floor space adds almost 5% to the price of a typical house and almost 7% to the price of a detached house
  • Adding a bedroom and bathroom by way of a loft conversion can add up to 20% to property value
  • House values in London are almost double those in Wales when comparing equivalent properties
  • Location remains the key to house values
  • Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist, said:
    "In a buyer's market homeowners are keen to know which characteristics are likely to make their home relatively more attractive and which ones may detract from the price. Over time, buyer's expectations have changed and overall the general quality of property in terms of amenities is improving. Location is still the biggest factor affecting the value of property, and a house in the best neighbourhood can command a price nearly 50% higher than a similar house in an 'average' area. However, other characteristics also have a significant influence on the desirability, and thus price, of property. For example, extending a property to accommodate an extra bedroom can add around 11% to its price."
    To see the full report from Nationwide, please click on the image below:
    Nationwide

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