Location versus space – the battle over added value

When it comes to the value of your home there is no doubt that location, location, location is the key, not only according to the TV property experts but to latest research.

A new study shows that the area in which you live has far more impact on UK property values than any other factor – with a great location commanding up to 50 per cent more than a similar property in a less sought-after spot.

However, there is good news for those sellers who don’t live in what is classed as a ‘property hot spot’– according to the research from Nationwide.

Adding extra space to your existing home is also a money-spinner; with conservatories, extensions and loft conversions among the projects to add most value.

According to the figures, an increase of around 10 per cent in floor space leads to a five per cent increase in the value of a typical property. This increases to seven per cent in a detached home.

Adding an extra bathroom or bedroom in a loft conversion could push up the price even more, sometimes by an additional 20 per cent.

Independent estate agents and valuers Harrison Murray have additional advice for sellers.

Commercial director Nick Salmon said: “The location, location, location phrase still holds true, and seems to have become more important over time.

“However, as an estate agency with 18 branches, we realise not all our sellers live in what may be classed as a ‘property hot spot’.

“There are plenty of other factors which could add value to a home, space being a main one. While we wouldn’t suggest that sellers start a loft conversion or major extension when on the verge of putting their property on the market, if they have already created some extra space, that in itself becomes added value and we can advise them of how to show it off to its best potential.

“In housing terms, having more useable space is generally thought to be consistent with better quality accommodation and people are prepared to pay for it.”

For advice or information on making the most of your property when putting it on the market, contact your nearest Harrison Murray branch - harrisonmurray.co.uk.