This one feature could value your property £20,000 higher than your neighbours | Personal Finance | Finance


There’s one common  feature found on every street that could inflate its price by a staggering £20,000 more than the house next door – and only five percent of homes have it.

According to research from quick sale specialists, Open Property Group, corner-plot properties are worth significantly more than the average.

Based on figures sourced from PropertyData, these homes listed for sale in the current market are commanding an average asking price of £388,163.

The data also show that homes in a similar area and of comparable size without the benefit of a corner plot position are commanding a respectable £367,867.

However, this means that, in the current market, a corner plot property commands a premium of 5.5 percent, or £20,296.

Jason Harris-Cohen, CEO of Open Property Group, commented: “When it comes to selling their property, home sellers will consider all sorts of inventive ways to boost their market value in an attempt to stand out from the crowd and achieve the very best price where it be a simple lick of paint, or converting the garage or attic into a liveable space.

“Of course, the issue is that most home improvements require time, effort and money and it’s not guaranteed that you will see a profit when you do finally come to sell.

“Particularly at the moment with buyer demand levels having dropped and property prices stalling.”

However, he noted: “Those with a corner plot property could be quids in without even knowing it, or without having lifted a finger or paintbrush.

“It might not be something you have considered before, but if you have a corner plot property you can rest assured that it should not only attract a greater degree of attention, but it should also command a better price than your neighbours.”

Assessing the reasons why, Open Property Group said a corner plot property can potentially boast many more benefits, such as on-street parking right outside the house.

Additionally, it can offer the potential for more outdoor space that wraps around the property connecting the front and back gardens in full. They also often boast better potential when it comes to an extension of the existing building.

It may come as no surprise then, that with a corner plot property offering the potential for more outdoor and indoor space, their premiums are highest in London where more space is a hot commodity. The current house price premium for a corner plot property in the capital is 10.4 percent – or £83,004.

In the North East, a corner plot property also commands a healthy premium of 10.3 percent, but with the region home to lower house prices than the capital, this equates to just £23,212.

In the North West, corner plot properties boast the third-highest premium at 7.2 percent, translating to £22,006 more in today’s market.

Even in the East of England, where this premium is lower at 3.8 percent, corner plot properties still command £17,078 more than properties without a corner plot.

However, there are some 31,874 corner plot properties currently listed for sale across the nation which equates to just 5.1 percent of all homes listed for sale.

So the chances of finding one that suits a person’s budget in their desired location could be slim.

However, Open Property Group noted those in Yorkshire have the “best chance” with corner plot properties accounting for 8.7 percent of the current for-sale stock.

Meanwhile, the North East (7.2 percent) and East Midlands (7.1 percent) are also home to some of the highest levels.

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