From art galleries to castles, historic bridges and even premier league football stadiums UK wide, properties can carry added value depending on the appeal of the local landmark.
Properties that are located close to one of Britain’s most visited tourist attractions in Britain can be valued at up to 60% higher, according to research by Thinkmoney. Comparing average house prices across Britain with those homes located in districts with popular landmarks, the findings highlight a key consideration for property buyers.
However, the added appeal, and whether it will help you sell your home in the future, very much depends on the landmark as well as the prospective buyer. As Zoe Patrick of Patrick Oliver estate agents said, “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.”
Landmarks with a property mark up
National Trust property Wightwick Manor, near Wolverhampton, came top of the survey. Houses in the surrounding area average £104,184 higher than those outside, equating to a 60% uplift in value.
Other good landmarks to live nearby are Glasgow’s oldest museum, the Hunterian Art Gallery, which adds 44% to local properties. Houses within this postal area are priced at an average of £349,141, £151,525 more than for an average home in Glasgow.
Living near Bristol’s iconic landmark the Clifton Suspension Bridge sees a property gaining £245,952 (30%) compared to the average price of properties in other parts of the city.
Properties near tourist hotspots are not for everyone
Only four out of 20 of the country’s largest football stadiums benefit local property values. Residents living near Old Trafford, Manchester United’s iconic stadium, can expect to add £45,938 to the value of their homes. In contrast, Wembley, the UK’s largest football stadium and the second biggest in Europe, will not enhance the value of your home; in fact it could potentially result in a 30% loss or £197,281 off its value.
Surprisingly, historic landmarks do not necessarily guarantee a property price hike. Living near the 1,000-year-old Cardiff Castle is 22% cheaper than living in the city, £56,624 lower.
Leicester’s National Space Centre could reduce a property’s price by around 17% (£41,624). The Deep Aquarium in Kingston upon Hull is also something of a detraction, with homes potentially losing 11% (£16,687) in that postcode.
Benjamin Heginbotham, director of architectural design firm The Practical Planning Company, commented: “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 castle, there are still plenty of ways to add value to your home and make it easier to sell.”
Another good option is to buy a property within an iconic landmark building! We still have a few units left in Birmingham’s tallest residential skyscraper, The Bank II, available to owner occupiers as well as investors.