Are you sitting on a goldmine without even realising it? According to the latest data from Open Property Group, a special feature present in just 5% of all homes on the market could make your property fetch a cool £20,000 more than your neighbour’s. This feature is none other than a corner plot position, a seemingly ordinary aspect that could significantly bump up your home’s value.
Open Property Group looked at the housing market, focusing on the price premiums of homes located on corner plots. Their research unveiled that homes with this coveted feature are listed for an average asking price of £388,163. In contrast, similar homes without the luxury of a corner plot are going for around £367,867. This difference translates to a premium of 5.5%, or £20,296, for corner plot properties.
But why do these properties command such a higher asking price? The perks of owning a corner plot are numerous. They often include additional on-street parking, more outdoor space that connects the front and back gardens, and enhanced potential for extending the building. These advantages make corner plot properties especially desirable in space-starved areas.
London Leads the Way
The allure of extra space means that corner plot premiums soar in high-demand areas like London. In the capital, the price premium for a corner plot home is a staggering 10.4%, equating to an £83,004 increase. Although premiums vary across the country, with the North East and North West also seeing significant uplifts, the trend is clear: corner plots are real estate gold.
The Rarity of Corner Plot Properties
However, snagging one of these prized possessions might be easier said than done. With only 31,874 corner plot properties currently on the market, representing a mere 5.1% of all listings, finding the perfect corner plot home could be quite the challenge. Yet, hope is not lost for prospective buyers. Regions like Yorkshire, the North East, and the East Midlands boast higher percentages of corner plot listings, improving the odds for those set on acquiring these sought-after spaces.
A Word from the Experts
Jason Harris-Cohen, CEO of Open Property Group, highlights the unique advantage of corner plot properties. In a market where homeowners are constantly looking for ways to enhance their property’s value, owning a corner plot can provide a significant boost without the need for costly improvements. “Those with a corner plot property could be quids in without even knowing it,” Harris-Cohen points out. This effortless premium underscores the hidden potential of corner plots in attracting attention and commanding higher prices.