Factors Affecting House Values

Although different censuses collate information on the rateable value of houses they do not reflect the market price that might be achieved. House values as far as most buyers are concerned refer to how much you would have to pay for a particular property. There are several factors affecting the value of a house, the most important one being its location. This isn't surprising as we all have certain places where we would like to live for very valid reasons.

If you are employed you might want to reduce your commute time by living close to your place of employment or have good public transport links or quick road routes to get to work. Few people like to spend more than an hour to get to work if at all possible and ideally would like their travel time to be less than that. Being close to family members may be another consideration if you have strong links to the community where you grew up and wish to continue with them. Insurance risks like flooding can affect the value of a house even in a desirable location that otherwise hits all the hot buttons. Increasingly in the UK being close to certain schools, having the right postcode, can be a very important element in deciding where to by your house and the value it has placed upon it. In London, SE3 and SE9 postcodes back on to each other at Rochester Way between Kidbrooke Park Road and Broad Walk. The SE3 postcode on one side of the junction is regarded as the salubrious Blackheath, while the SE9 postcode is essentially Eltham, which doesn't carry the same cache or the same house prices as its neighbouring postcode.

After location and all the considerations that make it such an important factor, houses in the same location may differ in price because of size and even this can be affected by aspect. A house fronting a busy road may not be as appealing as another further back though a quiet corner property might be very attractive and of greater value. Ends of terraces tend to be of greater value than mid-terrace properties because they are not completely enclosed and semi-detached residences [despite being packed so close together one might think they are part of a terrace] attract higher values, although properties that form 'mansion blocks' with apartments on different levels in a terrace are usually located in such pricey parts of town they defy the regular terrace values.

Comparing a house in the same location and of the same size and similar aspect, things like gardens and landscaping can affect value as can the availability of en-suite bathrooms in a property. The condition of a residence, its décor, conversions, extensions, retained original features and whether it is a 'listed' building with restrictions and obligations can also affect the value of a house. Whether there is off street parking [a factor affecting vehicle insurance] is available or a garage at the property can also affect the value of a house and the overall 'feel' of the neighbourhood can be very influential on relative values put side by side to comparable properties in similar locations.