Sunday, February 25, 2024

UK iconic landmarks impact price of properties around them


Price of properties near iconic UK landmarks vary – positively or negatively – compared to the average value of property in the city

UK landmarks can have a noticeable impact on nearby house prices – but whether it is a positive or negative effect depends on the attraction.

That is according to banking service, thinkmoney, which has investigated how house prices within postal districts of the most reviewed tourist sites in the UK’s major cities compare to the average values in the city.

Property owners with homes close to the National Trust’s Wightwick Manor in Wolverhampton were making biggest gains from their location, with dwellings in this area at 60% above average house price in the nearest city.

Meanwhile, also topping the list of attractions with the most positive impact on house prices, were the Hunterian Art Gallery in Glasgow and the Clifton Suspension Bridge in Bristol. They inflate prices of nearby properties by 44% and 42% respectively.

Sheffield’s Botanical Gardens, the Angel of North in Gateshead and the Bronte Parsonage Museum also had a beneficial effect on the nearby house prices.

But not all landmarks made such a favourable impression on the local property market, thinkmoney’s research found.

Properties in the postal district of Cardiff Castle were valued 22% lower than the city’s average house price. And the National Space Centre sent prices of its neighbouring homes in Leicester plummeting by 17%.

Head of communications at thinkmoney, Jonathon Sabinsky, said that it was surprising to find that although one might expect to pay more to live close to an iconic landmark, they are not those one would expect that are increasing house values the most. For example, Wolverhampton’s Wightwick Manor and Gardens add up to 60% to the price of a home, compared to elsewhere in the city.

One potential reason for the varying impacts the different landmarks had on house prices was put forward by Zoe Patrick, director of sales and letting at estate agents, Patrick Oliver. She said that living near a local landmark can help sell a 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.

Meanwhile, Benjamin Heginbotham, director of architectural design firm The Practical Planning Company, said 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 one is not lucky enough to own a property in a landmark location, and if the view is more car park than a castle, there are still plenty of ways to add value to a home and make it easier to sell.

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