Latest research from quick sale specialists Open Property Group has revealed that there’s one common property feature found on every street that could mean your home is worth £20,000 more than your neighbour. The bad news? Just 5% of all homes currently on the market boast it.
Open Property Group analysed market data for homes currently listed for sale to reveal both the prevalence and property price premiums for properties boasting a corner plot position on their street.
CORNER PLOT LOCATIONS
The research shows that corner plot homes listed for sale in the current market command an average asking price of £388,163. The figures also show that homes in a similar area and of a comparable size without the benefit of a corner plot position are commanding a respectable £367,867.
However, this means that, in the current market, a corner plot property commands a premium of 5.5%, or £20,296.
ADDITIONAL PARKING
Why? A corner plot property boasts many benefits, not least they often provide additional on street parking right outside your home, the potential for more outdoor space that also wraps around your property connecting your front and back gardens in full, and they often boast better potential when it comes to a potential extension of the existing building.
No surprise then, that with a corner plot property offering the potential for more outdoor and indoor space, their premiums are highest in London where more space is a hot commodity. In fact, the current house price premium for a corner plot property in the capital is 10.4% or £83,004.
REGIONAL VARIATIONS
In the North East, a corner plot property also commands a healthy premium of 10.3%, but with the region home to lower house prices than the capital, this equates to just £23,212 in pounds and pence.
The North West is home to the third highest corner plot premium at 7.2%, with corner plot properties commanding £22,006 more in today’s market, while even in the East of England where this premium sits at just 3.8%, it will still bag you £17,078 more than a property without a corner plot.
Jason Harris Cohen, Open Property GroupThe bad news? There are some 31,874 corner plot properties currently listed for sale across the nation which equates to just 5.1% of all homes listed for sale.
So the chances of finding one that suits your budget and in your desired location could be slim. However, those in Yorkshire have the best chance with corner plot properties accounting for 8.7% of current for sale stock, with the North East (7.2%) and East Midlands (7.1%) also home to some of the highest levels.
Jason Harris-Cohen, Chief Executive of Open Property Group, says: “When it comes to selling their property, home sellers will consider all sorts of inventive ways to boost their market value in an attempt to stand out from the crowd and achieve the very best price, where it be a simple lick of paint, or converting the garage or attic into a livable space.
“Of course, the issue is that most home improvements require time, effort and money and it’s not guaranteed that you will see a profit when you do finally come to sell, particularly at the moment with buyer demand levels having dropped and property prices stalling.
“However, those with a corner plot property could be quids in without even knowing it, or without having lifted a finger or paintbrush. It might not be something you have considered before, but if you have a corner plot property you can rest assured that it should not only attract a greater degree of attention, but it should also command a better price than your neighbours.”
Former Cannock pub has £160,000 guide price in auction
The pub, which has been closed for the last year, will have a £160,000+ guide price in Bond Wolfe’s next livestreamed auction on Wednesday 27 March.
Ian Tudor, Bond WolfeIan Tudor, commercial director of Bond Wolfe, explains that the former Jolly Collier, at 222 Huntington Terrace Road, in the village of Chadsmoor, near Cannock, is considered suitable for a conversion for a variety of alternative uses or residential development, subject to obtaining the appropriate planning permission.
“This is a detached building on a generous plot in an established residential neighbourhood with a recent development of 12 town houses on the opposite corner of the road,” he says.
The property comprises a former public house with living accommodation above, benefiting a large level car park and former beer garden.
On the ground floor is the main entrance, the former trading area with bar servery, an additional lounge area with a kitchen off, a covered indoor lobby area with cellar and beer drop, and separate male and female WCs.
SPACIOUS
On the first floor is spacious former manager’s living accommodation, with a landing, large reception room, three large bedrooms, bathroom, separate WC and kitchen.
Outside, there is a generous tarmac surfaced car park and enclosed former beer garden.
Tudor adds: “The property is considered suitable for refurbishment throughout and a continuation as a pub/restaurant or conversion of the ground floor to other commercial uses including convenience store, community uses, day nursery with separate living accommodation above, or demolition and a residential development , all subject to obtaining the appropriate planning permission.”
The Jolly Collier plan
