It’s well known that living near certain amenities can raise the value of your property – but did you know that being in close proximity to certain other landmarks and could actually bring down the value of a home?
When it comes to increasing your home’s value, being near great schools, green spaces, helpful transport links, and even premium supermarkets – such as Waitrose – can all boost the overall price of your property, without you having to do a single thing.
However – whether you’re looking to buy a new property, or trying to work out how to sell your current home – it’s worth being aware of the fact that living near different landmarks could be a detriment. In fact, living close to a specific landmark could have the biggest impact of all on a house price…
The landmarks that could decrease your property value
1. A sports stadium
New research from Betting.com found that living near a sports stadium has the potential to decrease the overall value of your property by around £100,000.
Though it may sound like a dream for football fans, their research found that the average price of a property within one mile of many UK stadiums was up to £100,000 lower than the average property price in the rest of the surrounding area. For example, they found that homes within one mile of Goodison park, home to football team Everton, had a value of around 96% less than house prices in the surrounding city of Liverpool. Yes, really!
It’s obviously difficult to pin down the the reason behind this, but it may be that regular traffic, the roar of stadium noise, and thousands of sports fans regularly visiting the area can make homes in these locations less desirable.
Michelle Niziol, estate agent and founder of IMS Property Group, said, ‘Stadiums can lead to increased traffic congestion in the area. This can result in difficulties accessing the property and longer commute times, which may deter potential buyers who prefer a peaceful and easily accessible location.’
Similarly, she explained that, ‘Locations near sports stadiums may experience an influx of people during events. This can compromise the privacy of residents, and thus reduce the attractiveness of the property.’
2. Noisy roads or transport links
Living in an area that has good links to motorways and train stations can often boost the value of your home. But living in too close a proximity to the actual transport lines and roads themselves may well be detrimental to your property price.
For example, living close to a train station with links into your closest city is likely to make a home more attractive, given that it will enable you or future residents to get around easily.
However, if your home happens to be right in front of the noisy train tracks, this could have a negative impact when it comes to what your house is worth, given the increase in noise pollution.
‘Proximity to railway tracks or busy roads may also raise safety concerns for homeowners,’ says Michelle from the IMS Property Group. ‘The risk of accidents or the presence of heavy traffic can discourage buyers, particularly those with families or individuals seeking a quieter and safer environment.’
3. A building site
As you may suspect, living next to (or within very close proximity of) a building site – be it new flats, new houses, or a new commercial property – can have a pretty negative impact on a property’s valuation, given the extra noise, pollution, and traffic that they are likely to generate.
Not only are potential home buyers unlikely to want to commit to years of ongoing disruption, but these ‘landmarks’ can also have serious effect on kerb appeal, Michelle said.
‘Certain landmarks, such as industrial facilities or unsightly infrastructure, can have a negative visual impact on the surrounding area. This can decrease the aesthetic appeal of the property, and consequently reduce its value.’
4. A McDonald’s and a Primark
As handy as it may be, living within spitting distance of retailers like McDonald’s and Primark could also have a negative impact on the value of your home, according to a 2016 study.
Research conducted by FastSaleToday found that living close to a branch of a more budget brand such as McDonalds, Primark, or Asda could decrease average house prices by 21-24%, especially if you are located within walking distance of these stores.
And while it may sound bizarre, it’s not all that surprising, given that estate agents widely agree that living nearby premium shops such as Waitrose and Marks & Spencer can instead actually have a positive impact on house prices.