Did you know that living near some of the country’s most loved landmarks can increase the value of local homes?
This research was uncovered by thinkmoney who analysed the house prices of homes with the postal district of the most reviewed tourism sights in the UK’s major cities. They then compared the results to the average house price in each to reveal if Britain’s landmarks can really add value to your home. https://www.thinkmoney.co.uk/news-advice/is-your-home-worth-more-if-you-live-near-a-landmark-0-8734-0.htm
- Living near some of the UK’s best-rated tourist spots can boost your property’s value by up to 60%.
- The most profitable landmark to live nearby is Wolverhampton’s ‘National Trust Wightwick Manor’. Living in the same postal code can increase your house price by 60% (£310,701) when compared to the average cost of a Wolverhampton property.
- Comparatively, living near ‘Cardiff Castle’ has the most detrimental effect on the value of local home’s. Living within the same postal code can decrease a property’s value by 22% (£56,62) when compared to the average cost of a Cardiff property.
Here are thinkmoney’s calculations in full.
|Top 10 Most Profitable Landmarks to Live Next To|
|Position||City||Landmark||% Increase of Local House Value||Price Increase (Compared to the average cost of a house in the city)|
|1||Wolverhampton||National Trust Wightwick Manor||+60%||£310,701|
|2||Glasgow||Hunterian Art Gallery||+44%||£152,525|
|3||Bristol||Clifton Suspension Bridge||+42%||£245,952|
|5||Gateshead||Angel of the North||+30%||£41,623|
|6||Bradford||Bronte Parsonage Museum||+24%||£42,505|
|7||Coventry||Warwick Arts Centre||+22%||£62,084|
Zoe Patrick, Director of Sales & Letting at Patrick Oliver, said: “Living near a local landmark can help sell your home, but it does depend on the landmark! As some will love being next to an icon, others will find the crowds and attention associated with tourism spots too much. Therefore, whilst landmarks can add an intrinsic value, there are so many other factors that will always be considered as well”
Benjamin Heginbotham, Director of Architectural Design firm The Practical Planning Company, also stated that “there are many factors that can help sell a property, but a house located near a popular landmark provides bragging rights like nothing else, primarily because of the view it offers. Of course, if you’re not lucky enough to own a property in a landmark location, and your view is more car park than a castle, there are still plenty of ways to add value to your home and make it easier to sell.”
Interested in the full findings? Thinkmoney have also analysed whether living near football stadiums can decrease house value: https://www.thinkmoney.co.uk/news-advice/is-your-home-worth-more-if-you-live-near-a-landmark-0-8734-0.htm