We've all seen it in Relocation, Relocation - week in and week out we hear buyers say, 'If only this house were in the same location as the last house we saw' and Kirstie and Phil respond with 'If it was, you wouldn't be able to afford it'. So how and why does location have such an impact on property prices, and how will it affect yours?
By Kate Faulkner
What most of us want is a nice property in an area from where we can get to work easily. Better still if it's near shops and a pub or other leisure facilities, has a low crime rate and is close to the best school in the area.
Typically, properties that are in these kinds of locations are more expensive per square metre than those in a rural or rundown area needing regeneration, and the prices of these properties can be dramatically affected. For example, research suggests that properties in the catchment area of a local school can be 19 to 34% higher than similar properties outside of the catchment area.
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