Posted on 4th September 2015

7 Reasons Why Your Property May be Worth More than You Think

Martin Williamson, Head of Residential Property

Its that time of year again. Congratulations must go to everyone who has collected hard-worked for A level and GCSE results.

Good results dont just bring positive outcomes for the students who get into the university of their choice or who have impressed prospective employers with their grades.

A schools results will also have a knock-on effect on the local property market. So, just what are the outside influences which could make a difference to the price you pay for your home?

1. Education

It goes without saying that all parents want the very best education possible for their youngsters, and living next to a high-performing school, whether private or state, will add pounds to asking prices. One map, produced by estate agent Savills showed houses next to good schools are likely to cost up to 25 per cent more than those with educational establishments which arent such high achievers.

2. Fit for a king

If your road is named after a prince, king or queen, your home could be worth thousands more than one round the corner. A study which looked at house prices on royal-sounding streets found they had average prices of £50,000 more than those round the corner.

3. Market towns

In our region were lucky enough to have an abundance of picture-perfect market towns which could be good news if youre selling. New research has found properties in market towns tend to be worth around £25,000 more than their area counterparts.

4. Foodie haunts

The saying goes that were a nation of foodies, and this certainly seems to hold true for where we want to live. Darlington is lucky enough to boast one Michelin-starred venue, in the shape of James Closes Raby Hunt, with a plethora of other restaurants securing Bib Gourmand awards, for good food at reasonable prices. In some areas, living beside a Michelin-starred eaterie means prices of up to 50 per cent more.

5. Whats in a name?

New research shows your address is important when it comes to pricing. Houses on a "Lane are, on average, most expensive, followed by Way, Road, Close, Avenue, Drive and, finally, Street.

6. Odds-on

Strangely, a study by Zoopla found properties with odd numbers attract more, on average, than those with an even number on the door. Perhaps it is partly to do with the fact than an end terrace, likely to be number one, is likely to be more expensive than a home in the middle of the row.

7. No number

Having said that, no number at all seems to be more attractive to buyers. Those properties which boast a name, instead of a number are much pricier so if you own a Rose Cottage or an Old School, your home is likely to be worth more.

Ultimately though, choosing a property comes down to what is important to you. If youre a retired couple whose children have already gone through school, youre unlikely to be worried about education standards, for example, while if you prefer pub grub to fine dining, a Michelin star will hold little appeal.

Martin Williamson is Head of Residential Property at Latimer Hinks Solicitors in Darlington. Latimer Hinks has a team of around 40 people serving private and corporate clients. For further information: or call 01325 341500.

Please note: This article is intended as guidance only and does not constitute advice, financial or otherwise.

For further information please contact Martin William