Living near a landmark could boost the value of your home by 60%
Does living near some of the country’s most recognisable landmarks increase the value of your home? Or could they bring the price down when it comes to selling?
Analysis of house prices in the postcodes with the most-reviewed tourism sites in the UK’s major cities, conducted by thinkmoney, has found a home’s value could increase 60% if it is near a local landmark.
Wolverhampton, Glasgow, and Bristol are home to the best local landmarks to live near, the data shows.
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Wolverhampton’s National Trust Wightwick Manor and Gardens can boost your home’s value by as much as 60%. Properties in the postal area of the listed building are increased to as much as £310,000, compared to the average home price of £205,820 in the city.
The oldest museum in Glasgow, the Hunterian Museum and Art Gallery, attracts thousands of visitors each year — and it could significantly raise the value of your home by 44%. Houses within the postcode are priced at an average of £349,141, which is £152,525 more than the average home in Glasgow.
The Clifton Suspension Bridge is an iconic symbol of Bristol and one of the most distinctive sights in the city. So it comes as no surprise that living within the postal district of the bridge may potentially add 30% — or £245,952 — to the price of your home.
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Similarly, the Sheffield Botanical Gardens, opened to the public in 1836, is the second-best natural landmark to live near. Homes could sell for an additional 36% — about £119,192 — within the postcode.
Leeds Roundhay Park and Southampton’s Lepe Country Park are also among the best tourist sights to live near. The homes within the postal area of Roundhay Park can experience an increase of 7% — or £17,441 — against the average property price.
Those living near Southampton’s leafy Lepe Country Park could also see their homes sell for around 6% more — £20,487 more than the average property in the city.
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However, not all UK landmarks add value. In fact, some of the country’s most recognisable sights have the opposite effect, damaging the value of homes.
If you happen to live within the shadow of the 1,000 year old Cardiff Castle, you could lose up to £56,624 — or 22% — from your home’s value.
Leicester’s National Space Centre could also knock around £41,624 — 17% — off property prices in the area.
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The Deep Aquarium in Hull has a similar effect, with households in the same postcode potentially losing £16,687 — a drop of 11%.
And living near a football stadium could reduce the value of your home by over half (51%). Of the 20 biggest football stadiums in the UK, only four increase house prices.
Wembley Stadium is the largest stadium in the UK, and the second biggest in Europe. It’s held games for football, rugby, and American football, as well as music events. But, if you live in the postal area of Wembley, your home could lose up to 30% of its value — or £197,281.
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The average property can sell for £653,994 in London. But houses in Wembley are priced at about £456,713 — a 30% decrease.
Similar stories can also be found in Leeds and Manchester. Those selling near Elland Road in Leeds could see a 49% — or £111,826 — drop in the value of their home.
Living within the postal area of Manchester City’s Etihad Stadium might also spell bad news. Houses under the shadow of the football stadium could sell for £136,140 — 32% less than the city’s average of £198,87.
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However, houses within the postal area of Manchester United’s Old Trafford could see an extra £45,938 added to their value.
Zoe Patrick, director of sales & letting at estate agents Patrick Oliver, said: “Living near a local landmark can help sell your home, but it does depend on the landmark! As some will love being next to an icon, others will find the crowds and attention associated with tourism spots too much. Therefore, while landmarks can add an intrinsic value, there are so many other factors that will always be considered as well.”
