Transport links influence property prices most
Published On 20 November 2006
Transport links have the biggest impact on property prices in the UK, according to new research.A study by haart estate agents has discovered the single most important factor in adding value to a house is having a mainline rail or tube station within two miles of the property.
This, on average, adds in the region of £20,000 to a property price. However, homeowners tread a fine line in choosing a property as too close a proximity to a rail line or tube station can actually have an adverse effect on value.
Russell Jervis, haart managing director, said: "It is widely known that factors such as good transport links can push property prices up and derelict houses can drag them down, but many homeowners do not realise the extent house prices can be affected.
"For time-starved commuters proximity to excellent transport links is highly desirable, boosting house prices in the immediate area considerably."
Schools proved to be the second most important factor in determining house prices after transport links with properties in the top state school catchment areas fetching on average £18,000 more.
Mr Jervis added: "Parents are willing to pay a premium to secure a place in their chosen school.
"At the other end of the scale, buyers should be very mindful of the impact run-down houses and late licence music venues or takeaways, which top the chart of least desirable factors, can have on property prices."
