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5 unexpected factors that could affect the value of your home

February 22, 2025

Category: News

Many factors go into calculating the value of your home, from the location to when the kitchen was last updated. Yet, there are some unexpected factors you might not have considered.

Read on to discover some of the unusual reasons why the value of your home could rise or fall.  

1. A third of Brits would not put in an offer for a home that didn’t have a local pub

Accessibility to local amenities often plays a key role when prospective buyers are deciding if a property is right for them. But you might be surprised to find out how important being close to a pub is. 

Indeed, according to Zoopla in December 2024, a quarter of homeowners said the local pub influenced their decision to buy their current home. In fact, a third of them visited the pub when they viewed the property, and 18% even admitted they’d made an offer on a home from the pub.

A third of Brits said they would not put in an offer for a home if it wasn’t in walking distance – around 0.7 miles – from the nearest pub. More than a mile would be a dealbreaker for many beer lovers. 

It’s not just the distance potential buyers consider either. Many want a local pub that offers a sense of community and a good Sunday roast. 

2. Buyers are attracted to road names that offer a sense of open spaces

“What’s in a name?” you might ask. Well, when it comes to road names, it could be thousands of pounds. 

Your road name ending in a word that encourages buyers to think about the countryside and open spaces could elevate your home’s value, according to a survey from 2022. So, if your road name ends in “hill” or “garden” you could be in luck. 

“Green”, “way”, “close” and “mews” also benefited from a boost thanks to the image it helped conjure up for buyers.

On the other end of the scale, homes selling with the title of “terrace” went for the lowest sum, followed by “street” and “court”. 

3. Your local supermarket could deliver an instant property boost

You might have read about the “Waitrose effect” in the media – if a high-end supermarket opens its doors near your home you could benefit from an immediate boost.

Supermarkets aren’t the only businesses that could increase the value of your home either. Having independent shops just a short distance away, along with cafes or restaurants, might provide a welcomed increase too. 

So, keep an eye out for what businesses are opening in your local area. 

4. A home with history might push up asking prices

Blue plaques are dotted throughout London and offer interesting insights into famous people who once made the buildings their home, iconic events, and more. 

The official scheme is run by English Heritage and includes more than 1,000 plaques in London and, in 2023, it began to expand them to other areas. However, there are unofficial schemes administered nationwide by a range of bodies, including local authorities and residents’ associations.

According to a Telegraph report from September 2023, a blue plaque on a property can boost its asking price by around 10%, or even as much as 25% according to some estimates, as buyers seek to purchase a bit of history. 

5. A parking spot could add thousands to the value of your home

It’s probably not surprising that a parking space or driveway means your property could be more popular among prospective buyers. However, you might be surprised by how much it could push the price up.

Indeed, according to an October 2023 article in the Express, the average gap between properties with parking and those that don’t is £12,000. In areas where parking is in short supply, it can be far higher. For example, the gap in London rises to around £73,000.

As more drivers are expected to purchase electric vehicles in the future, a dedicated parking spot or driveway where their car can be charged may become an even more important feature for potential buyers. 

Are you looking for a new home? We could help you find the right mortgage for you

If you’re searching for a new home, you might need to take out a new mortgage deal as well. Searching for a mortgage can be time-consuming and it may be difficult to understand which option best suits your needs.

As a mortgage adviser, we’re here to offer you support throughout the mortgage process. We can help you from the outset with a mortgage in principle, which indicates how much you’re able to borrow, through to being on hand to answer any questions after your mortgage application has been submitted. 

Please note:

This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.

 

Approved by The Openwork Partnership on 10/02/2025. 

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