A good view increases the value of a home by up to 54%
Research by the estate agent comparison site, GetAgent.co.uk. has revealed that homes with a good view command a price premium as high as 54% compared to the rest of the market.
GetAgent’s research looked at how the average price of a property with a good view differs to that of the wider market across 23 major UK cities.
The research shows that across these cities, a property with a good view commands an average price of £536,187. A 34% price premium when compared to comparable properties without a view (£400,865).
Liverpool is home to the largest property price premium when it comes to homebuyer appetite for a good view. A property offering this sought after feature commands an average of £479,212 in the current market versus an average of £302,710 for comparable properties in the same area; a premium of 58%.
In Southampton, on England’s south coast, a good view boosts property prices up to £495,966; a premium of 56% versus the cost of £317,575 for comparable homes in the area.
In Portsmouth, another south coast location, homes with a view are 54% more expensive at an average of £641,939. In the cities of Birmingham and Plymouth, good view premiums are 53% and 48% respectively.
Completing the top 10 cities with the largest premiums for a good view are Newcastle (47%), Bournemouth (47%), Leeds (46%), Bradford (45%), and Glasgow (42%).
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“Not only do good views give homes a special and unique factor that others cannot replicate, Britain’s strict planning codes mean that they are increasingly unlikely to be spoiled by new developments, thus protecting the good view premium regardless of what’s going on in the housing market. As such, buyers will often go above and beyond to secure a home with a good view and this often means paying far more than they may have for another similar property.
It’s no surprise to see so many coastal locations ranking amongst some of the highest premiums paid for a home with a view. Our obsession with the sea makes it one of the most desirable views you can find from the comfort of your own home.
If you own a home with a view, you hold a rare and winning hand that will reward you whenever you choose to play it. But the view still has to be the icing on an all-around appealing cake. So when it comes to selling, make sure to showcase your home at its very best and utilise a good local estate agent, who will be able to sell your home to its fullest potential.”
Data sourced from PropertyData. Premium is based on the price of homes designated as having a good view versus comparable properties within the immediate area rather than the wider city average as a whole to give a more like for like comparison.