UK homeowners still put a premium on outside space

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Having ample outdoor space remains highly important to many UK property buyers, new research has revealed.

The Post Office Mortgages Homebuyers Report found that a quarter (24 per cent) of home buyers are prepared to pay on average an extra £10,043 to secure a garden or roof terrace.

Such news suggests that many home buyers may be inclined to improve their outdoor areas with garden buildings like summer houses and garden sheds.

According to the Post Office report, people seeking coastal locations are willing to pay the highest premium to live in their perfect place - on average an extra £20,448.

Commenting on the finding, Nick Marr, director of the Little House Company, said that some owners of waterside homes may find that their property is undervalued by lenders.

"Some mortgage companies for example look at the postcode and Land Registry data to help value a property in that area. The desirability of [a] location can sometimes be missed leaving the vendor with an undervaluation," he said.

Posted by Martin Corby
    - 02 September 2010
More Summer Houses Articles
UK homeowners still put a premium on outside space

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