Factors That Affect Property Value

As a baseline, property valuation comparisons are made of at least three properties of similar type within a two-mile radius that have recently been valued or sold within the local market. This comparison will also take into account factors such as the condition & extent of comparable properties against the property undergoing valuation.

 Property Condition

We have all heard the phrase ‘first impressions’. This factor is very important not just to the person valuing your property, but also to prospective buyers. How a property is presented will have an impact on both the valuer & the valuation. From the state of the general maintenance of the property through to the garden and associated external areas.

When the windows were last replaced, the internal wiring renewed & inspected, the maintenance history of the plumbing & heating systems are all factors that will have an impact on property value.

 Local Factors : Amenities

In today’s society local amenities can have a dramatic effect on the value of a property. We have all heard of families in some areas moving home just to get their children into what they perceive to be the best local school. This type of local dynamic can have a huge impact on a property’s value. The distance from the property to such as local schools, shops, GP surgeries & local transport can all affect the value of a property.

 Local Factors : Location

Whether a property is located adjacent to a busy road, nestled within a quiet cul-de-sac or has open views across park-land can all affect the value of a property. Even the local reputation of an area that the property is located within will have an impact on the value of the property. The location of a property in respect of a local or national transport hub could also be seen as a positive factor if the area is considered as part of the ‘commuter belt’, but just as relevant to the property value is the amount of local traffic & any congestion or noise associated with such.

 Local Factors: Noise & Social Activity

Noise pollution is an important consideration when placing a value on a property. Being situated close to a local train station while by some may be considered a value, the activity of trains through the local area & any noise associated with such activity can also lead to a devaluation of a property due to noise pollution.

 Local Factors: Developments & Planning

It is also important the valuer researches any local developments, present & planned as any could affect the status of the property undergoing valuation. As an example take the recently announced HS2 route. This proposed route has had a dramatic effect on value of many homes that are close to this route.