Homebuyers are paying an average 28% premium for properties with a great view with the uplift rising to more than 34% in parts of the North East, latest research from Yopa reveals.
The analysis compared asking prices of homes currently on the market in England that boast a standout view – such as coastline, city skyline or countryside – against comparable properties in the same areas without a notable outlook.
Nationally, the average price of a home with a great view stands at £712,792, 28.1% higher than typical homes in the same location.
Regionally, the North East commands the highest premium at 34.6%, followed by the East Midlands at 33.2%. Buyers in the North West (31.8%), Yorkshire & Humber (31.7%) and the South West (31.5%) are also paying more than 30% extra for a scenic setting.
SMALLEST PREMIUM
London records the smallest premium, where a great view adds 19.1% to a property’s value.
In terms of availability, the South West accounts for 33.8% of all homes currently listed with a great view, followed by the South East at 25.6% and London at 11.3%.
EXCEPTIONAL OUTLOOK
Verona Frankish (main picture), CEO of Yopa, says: “While location has always been a driving force behind property values, this research shows that what you can see from that window can play an equally powerful role when it comes to the price of a property.
“Whether it’s coastline, skyline, or countryside, buyers are clearly willing to pay a substantial premium for a home that offers something special beyond its four walls.”
STONGEST PREMIUMS
And she adds: “What’s particularly notable is that the strongest premiums are found outside of the nation’s most expensive housing markets.
“In many northern regions, where overall house prices tend to be lower than in the south, the relative value of a great view becomes even more pronounced, highlighting again how much value today’s buyers place on an exceptional outlook.”
