If you're thinking of buying a house then the old mantra 'location, location, location' may be the key to seeing the value of your home rise over time.
Of course, other factors are important when determining house prices, from the general state of the economy to the number of bedrooms. But what about the lesser-known things that can impact the value of your home? Keep reading for 10 strange things that can affect property prices.
The name of the street
Choosing a home on a street with a good name can see you achieve a much higher sale price for your property.
A study by Zoopla found that homes on 'Warrens' are the most expensive in the UK, fetching £607,267 – more than twice the national average.
Next comes 'Chase' where the average price is £482,867.
At the other end of the scale, ‘Streets’ are much more affordable with an average price of £184,722 – equivalent to nearly £100,000 less than the average.
‘Court’ or ‘Terrace’ also tend to be much more affordable, with average prices of £190,851 and £194,403 respectively.
If you buy on a street with a royal name then you can also profit. Properties on roads with King (£299,572) in the name are 20% more expensive than those with Queen (£249,295) while Prince is 35% more valuable than Princess (£279,593 versus £180,249).
Remember also that buying a house on a street with a rude or embarrassing name could be a negative factor, as buyers are too embarrassed to purchase a property on Backside Lane, Bell End or Crotch Crescent.
A local supermarket
If there's a supermarket near your home then it can it can have a hugely positive impact on the value. Indeed, such is the uplift in price that it's been nicknamed 'The Waitrose Effect'.
A Lloyds Bank study found that living near a Waitrose can add £36,480 to your property price. If your home is near a Marks & Spencer you can expect a £29,992 uplift in value, while if you're near a Sainsbury's you can expect to see your property worth an extra £26,081. Iceland provides a £22,767 property value boost.
At the bottom of the scale, living near an Asda adds the least to the value of a property (£4,117), closely followed by Lidl (£6,416) and Morrisons (£10,504).
A golf course
A survey by Primelocation has claimed that living near to a golf course could add an incredible 56% to the value of your house.
Indeed, during the property market crash, homes situated close to golf courses continued to rise in value at around 7% while the rest of the market stagnated.
And, if your local course is selected for the Open Championship, then you will really see a substantial increase as these properties were found to have a 139% price premium.
A good Ofsted report
If you have children then you probably expect to pay a premium for a home that sits in the catchment area of a good school.
A study by Lloyds Bank found that living near a top state secondary school adds an average of £21,000 to house prices. On the flipside, RICS say that a bad Ofsted report takes £20,000 off the cost of the average property.
Messy children
If you're selling your home and you have children, make sure you tidy their toys away before showing a prospective buyer around the property.
According to ING Direct, a messy child's bedroom can reduce the value of an average home by £8,000.
Your house number
As we've seen, the name of the road you live on can have a substantial impact on the sale price of your home. And, even the number of your home can affect how much a property is worth.
Research from Zoopla has found that odd-numbered houses sell for £538 more than their even-numbered equivalents.
There is one caveat here: the number 13. On some streets the 'unlucky' number is missed out (there's no 13 Downing Street, for example), but if you own a number 13 your home is likely to sell for £6,500 less than its neighbours.
A local canal
Research has found that living near water has a positive impact on your psychological wellbeing. And, it could also have a positive impact on the value of your home.
According to the Canal & River Trust, property values are boosted by between 15% and 25% if there are canal restorations close by. The Trust also suggests the local economy gets a boost when there is a restored canal in your area – also good for house prices.
A bus, train or tram stop
Living near good transport links can have a significant impact on the value of your home. And, a survey by Nationwide has found that the closer you are to public transport, the greater the impact on your house price.
For example, if your London home is within 500m of a Tube station then that can increase the property value by 10.5%. If you move 250m further down the road that figure drops to 7.6%.
Living 500 metres or less from a Glasgow railway station adds an average of £9,400 to property values. And, in Manchester, living close to a Metrolink station is worth an extra £8,300.
A good local
Living close to a good pub can have a positive effect on the value of your home.
Surveys have shown that 23% of buyers thought that having a good local was an important part of their decision-making process, while living close to a popular pub can add as much as 10% to property prices.
A market or farmer's market
If you live in a market town then you could benefit from an uplift in your property value.
Lloyds Bank research says that houses in market towns are worth £25,000 more than in other towns in the area. Research from Zoopla has backed up this finding, with Beaconsfield in Buckinghamshire a great example. The town boasts an average house price of £997,222, significantly higher than the county’s average of £345,043.
A local farmer's market can also add a premium. Zoopla says that properties near popular farmer's markets are on average £87,180 more than those in the wider county area.