New research from geo-location property platform The Property DriveBuy shows that homes within a 20-minute walk of their nearest town centre carry a noticeable price premium, potentially adding as much as £30,000 to their value.
The Property DriveBuy analysed more than 24,000 homes currently listed for sale across England, comparing the average asking prices of properties within walking distance of a town centre with those further away in the same regions.
Across the country, the findings reveal that the average home within walking distance of a town centre is valued at £384,454, almost £6,000 higher than comparable properties located further out.
London shows the largest premium, with homes close to a town centre commanding an extra £31,333. Yorkshire and the Humber ranks second, where homes closer to town are worth £6,073 more, followed by the East Midlands at £4,687.
Other regions also display a notable difference:
South East: £4,434 higher
South West: £3,450 higher
West Midlands: £3,161 higher
North East: £2,903 higher
North West: £2,839 higher
East of England: £1,869 higher
Steve Foreman, founder and CEO of The Property DriveBuy, commented, “For buyers, living within close proximity of a town centre is clearly preferable, as shown by the premiums they are willing to pay. For sellers, ensuring that their property benefits from advertising footfall is vital to securing a higher price than comparable homes located further out.
“However, all too often, the restrictive search criteria of the major property portals mean that many buyers miss out on potentially perfect homes within their desired proximity to the nearest town. That’s why it’s so important to get out there and, whilst doing so, geo-location search can ensure you also see every property on the market in real time, which means you don’t have to scour estate agency windows or keep an eye out for for sale boards.”
