5 main factors that influence your property price.
Here are five main factors that can affect your property price.
1. Location: The location of a property can be the single most important factor when it comes to its value. Properties typically sell for more when they are located in desirable areas, which are close to amenities and have strong links to transport.
2. Age and condition: The age and condition of a property can have a major impact on its value. Generally speaking, newer homes or ones that have been refurbished, tend to sell for more than homes that have not been looked after, as they they require less maintenance and upkeep.
3. Size: The size of a property obviously affects its value significantly. Homes with more square footage will generally command more money, although as above location and condition will be important factors as well.
4. Market conditions: The overall housing market can have a major impact on the price of your property. Supply and demand is always a major factor, less homes on the market means less competition for you. To give you a good understanding on different markets, in January 2022 there were around 100 homes for sale in HA4, in January 2023, there were 300 plus on the market in HA4. This coincided with market prices dropping due to less buyers and more choice for the buyers that were out there. Rising cost of living and interest rates were also a factor at this time.
5.Lease length - This only relates to properties that are leasehold. The length of your lease is extremely important and this always affects buyers decision making when it comes to buying these types of property. Although a 90 year lease sounds an extremely long time, in actual fact, this is getting close to the point where buyers will question the lease length and in some cases so will mortgage companies.