How much is living near a hospital worth?

How much is living near a hospital worth?

Areas in England with a nearby hospital are home to an average house price 14% above the national average, according to eMoov research.

eMoov looked at house prices for over 600 areas with a hospital that has been inspected and rated by the Care Quality Commission to see what difference it has on the local property market, as well as how this differs depending on the hospital’s rating.

Of these hospitals, the 40 that have been rated as outstanding were home to an average house price of £302,281, 20% higher than the current English average. In contrast, those that were rated as inadequate had an average house price of just £200,955, -17% lower than the national average.

Of the other hospitals to have been rated by the CQC as either good or as requiring improvement, the average house price was also 14% higher than the national average. 10% higher across those ranked as good and 19% across those rated as requiring improvement, demonstrating that even a below-par hospital can influence a positive increase in property prices.

Of those hospitals rated as outstanding, the most affordable where the average house price is concerned are found in the North West. Kemple Vire in Blackburn, St Helens, The Walton Centre in Liverpool and the Thomas Linacre in Wigan are all home to an average house price below £130,000.

For homebuyers who value good healthcare, the East of England is one to avoid. Hemel Hempstead General Hospital is not only rated as inadequate, the average house price is £405,653!

The Princess Alexandra Hospital in Harlow was the second most expensive with a rating of inadequate, with Colchester General Hospital also rated poorly with an average house price of £263,849.

Founder and CEO of eMoov, Russell Quirk, commented: “The close proximity of a healthcare facility can not only appeal to the average homeowner in terms of peace of mind but can also be of vital importance for those with ongoing or unique healthcare needs requiring specialist assistance on a more regular basis.

"Of course, those that can boast of an outstanding hospital in the local area may have a healthy case for that extra few thousand on their asking price, but unfortunately, if that facility does fall into the inadequate category it can leave local homeowners in need of a sick note due to the negative impact on their property’s value.

"This is just one of many external factors that can impact a property’s price potential and it’s important when moving home to consider every aspect of the local area to ensure it is right for you, before committing to a purchase.” 

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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