Living near a landmark can increase property value by 60%

Michael Lloyd

January 20, 2020

Living near a local landmark can increase a property’s value by up to 60%, banking services provider thinkmoney has found.

The most profitable landmark to live near is National Trust’s Wightwick Manor in Wolverhampton which can increase a homeowner’s house price by £104,180, 60% higher than living in the city.

Living near Cardiff Castle has the most detrimental effect on the value of local homes, decreasing their value by 22%, £56,624 lower than living in the city.

Jonathon Sabinsky, head of communications at thinkmoney, said: “As a company made in the heart of Manchester, we found it really interesting to see the difference in house prices from living close to the grounds of our two home teams.

“Just in case there wasn’t enough red vs blue rivalry in the office!

“It was also surprising to find that although you might expect to pay more to live close to an iconic landmark, it’s not the ones you would expect that are increasing house values the most.

“For example, Wolverhampton’s Wightwick Manor and Gardens adds up to 60% to the price of your home, compared to elsewhere in the city.”

Zoe Patrick, director of sales and letting at Patrick Oliver, added: “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, whilst landmarks can add an intrinsic value, there are so many other factors that will always be considered as well.”

Benjamin Heginbotham, director of architectural design firm The Practical Planning Company, said: “There are many factors that can help sell a property, but a house located near a popular landmark provides bragging rights like nothing else, primarily because of the view it offers.

“Of course, if you’re not lucky enough to own a property in a landmark location, and your view is more car park than a castle, there are still plenty of ways to add value to your home and make it easier to sell.”

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