A breakdown of the data shows that London is the main driver behind this high premium. Homes near sought-after high streets and shopping areas in London carry an average price of £2,405,712, a substantial 378.6% increase (£1.9 million) compared to the city’s overall average house price of £502,690.
Outside of London, the premium for walkable access to amenities is lower but still significant. In Yorkshire & Humber, for instance, the regional average house price is £204,754. However, homes within a short walk of town have an average asking price of £248,449, representing a premium of 21.3%, or £43,695.
Similarly, in the West Midlands, the short walk premium stands at 14.2%, amounting to an additional £34,448. In the East of England, buyers looking for proximity to town face a 13.7% premium (£46,407) on top of the region’s average price.
The South West follows with a 13.6% short walk premium. The North West (9.3%), South East (6.5%), North East (3.3%), and East Midlands (0.9%) also offer considerable premiums for homes close to amenities hotspots.
Verona Frankish, CEO of Yopa, commented: “Homebuyers come to the market with varying requirements, but the vast majority will often value a number of core features and living within close proximity to a good range of amenities is often one of them. As such, homes that are located within a short walk of a town centre command a hefty price premium.
“It’s also fair to say that the closer to the town centre you search, the less you are likely to get for your money, so not only are buyers willing to pay more for the convenience, but they are also paying a premium for a comparably smaller property. We would advise all buyers and sellers to research what other similar homes in the same area have sold for in the recent past, therefore giving you a good guide by which to judge your own sale or purchase.” Why not read some of the latest real estate investment tips for 2024!
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