Nationwide survey results on adding value |
Nationwide Building society have released results of their latest survey on what adds value to property. As always, location is the biggest factor – with a good location potentially adding over a third in value.
Adding bedrooms and bathrooms both add around 5% to 6% each, good parking can add 6%, and central heating can add nearly 7%. A good loft conversion however, can add over 20% to a property’s value.
The survey also looked at the cost per square foot in different properties. It found that while larger properties may cost more, the price per square foot of the smallest properties can be nearly double that of larger properties. Small 1 bed flats can cost up to £286 per square foot, while a large 4 bed house can be as low as £149 per square foot.
In terms of comparing new builds to second hand homes, the premium for a new build has dropped markedly over the last ten years. 10 years ago a new build could command a price roughly 25% higher than a similar second hand house – this has reduced to just 6% in today’s market.
