Whether you are a homeowner or landlord, one of the biggest assets you’re ever likely to own is your property. It is hardly surprising, then, that the value of that property – and the factors that may affect it – remains a critical consideration.
So, let’s make a brief review of the six principal issues that (reportedly) can affect the value of your property.
1. Energy efficiency
It seems that every other media story about the homes we live in features some reference or other to energy efficiency and broad questions of sustainability.
It is no accident, therefore, that a story in Landlord Today on the 29th of January 2024 explores the issue of energy-efficient homes in more detail. Indeed, the story asserts that any home that is not energy efficient is likely to be subject to a sharp decrease in its value.
One of the principal objections raised by some homeowners and landlords about making their property more energy efficient is the cost. Yet, as we explained in our article entitled “How to save even more money on your energy costs” energy efficiency is, in fact, the route to reduced expenditure on fuel bills.
“Location, location, location” – it’s the well-worn catchphrase of estate agents the world over. And for good reason. It’s the key to any property investment rationale, stress property specialists Beech Holdings.
It is easy to see why the location of a property is frequently the single most critical driving force in determining its value. Location is a prime consideration for any buyer, therefore, and you may also consider the ease of accessibility to other places and to your overall lifestyle.
During the restrictions, lockdowns, and homeworking upsurge during the recent Covid-19 pandemic, it was hardly surprising that reliable and efficient connectivity at home became the number one priority – especially, it seems, for renters, according to the Property Notify website at that time.
The issue remains a particularly hot topic and features in a major annual conference and exhibition entitled the Future of UK Connectivity – it is next scheduled to take place at London’s ExCel centre from the 11th until the 12th of September 2024.
Access to reliable transport links is frequently cited by tenants on the lookout for property to rent. If you are a homeowner especially concerned about curbing your reliance on the motor car, your valuation of a property may also be influenced by the availability of good transport links.
A fact sheet prepared by Homes England and published on the 2nd of November 2023 also recognised the importance of transport infrastructure and services in the provision of new homes, along with the capacity of any current public transport services and of the pedestrian, cycling, and road network.
5. Nearby amenities
Wherever you intend to set up home – whether as an owner-occupier or tenant – the proximity of local amenities will help to determine the value of any property.
In a posting dated the 9th of October 2023, the online property listings website Good Move mentioned the heightened appeal of properties closer to local amenity hubs compared with those in more remote locations. So, homes that are closer to the shops, schools, green spaces, restaurants, pubs, and community centres are likely to win you over quicker than more isolated properties.
If there’s one thing you’re likely to value over and above the price of a property it will be your ability to enjoy it in peace, free from any constant worries about the local crime rate.
Indeed, property specialists Spot Blue assert that crime rates for any particular area are critical to investment decisions. There is a wealth of resources to help you determine the potential impact of crime on property values in your area. These include the interactive Crime in My Area website developed by security firm ADT.