Special Report
Good transport links still add most value to house prices in London – but also important for those living in Glasgow and Manchester
- We looked at the value buyers and renters place on being close to rail, underground and tram services in London, Manchester and Glasgow
- £42,700 premium in London for property 500m from nearest station, compared with a similar property 1,500m away
- London saw a small fall in the premium to 8.0% from 9.7% in 2021
- There was a £10,900 premium in Greater Manchester and £8,800 in Glasgow on a comparable basis
- Manchester premium dips to 4.9% from 6.1% in 2021
Lock, stock and new solar panels: the changing face of Scottish housing stock
- Dwelling stock in Scotland has increased by 8% over the past decade to 2.7 million
- Half of properties in the owner occupier sector are classified as ‘under-occupied’
- Energy efficiency of Scotland’s housing stock has continued to improve
Lock, stock and new solar panels: the changing face of housing stock
- Dwelling stock in England has increased by 9% over the past decade to 25.4 million
- Over half of properties in the owner occupier sector are classified as ‘under-occupied’
- Energy efficiency of England’s housing stock has continued to improve
Rural rules the roost as countryside homes plough ahead of urban properties for house price growth
- House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in predominantly urban areas
- Rural terraced properties have seen the strongest rate of price growth, urban flats the weakest
Affordability stretched, but gradually improving
- Modest improvement over past year, but affordability remains stretched by historic standards
- Considerable variation in affordability across occupational groups
- Affordability most stretched in London and South of England, with North of England & Scotland the most affordable
25% house price premium in National Parks
- 25% premium for a property situated within a National Park
- 7% premium for a property within 5km of a National Park
- 15% premium for a property located in an Area of Outstanding Natural Beauty (AONB)
Annual house price growth edged higher in August
- UK house prices fell 0.2% month on month in August
- Annual growth rate picked up to 2.4%, from 2.1% in July
- Fastest pace of annual growth since December 2022
- Energy efficiency becoming more important in influencing what buyers will pay for a home
Rural areas saw strongest house price growth over last five years
- House prices in predominantly rural areas have risen by 22% over the last five years, compared to 17% in predominately urban areas
- Rural semi-detached properties have seen the strongest rate of price growth, urban flats the weakest
Bedrooms, bathrooms and extensions: what adds value to your home in 2023?
- Home improvements that add floor area, such as an extension or loft conversion, can add up to 25% to a property’s value
- Extending to accommodate an extra bedroom can add nearly 15% to the value of the house
- Extra bathroom adds 6% to value of the average home
Nationwide Building Society Affordability Report: Mortgage rate rises add to affordability pressures
- Higher mortgage rates have resulted in a significant increase in the cost of servicing a mortgage relative to take-home pay
- High house prices relative to average earnings continue to make raising a deposit a significant barrier for first time buyers (FTBs)
- Affordability remains most stretched in London and south of England; the North & Scotland remain the most affordable regions
National Parks and Areas of Outstanding Natural Beauty boost house prices by up to 25%
- 25% premium for a property situated within a National Park
- 7% premium for a property within 5km of a National Park
- 13% premium for a property located in Area of Outstanding Natural Beauty (AONB)
Rural areas have seen biggest rises in house prices
- House prices in predominantly rural areas have risen by 29% over last five years, compared to 18% in predominately urban areas
- Rural detached properties have seen strongest rates of price growth, urban flats the weakest
- 13 of the top 20 local authorities for house price growth in 2021 classed as rural
