Home Property Corner plot properties command £28,000 price premium

Corner plot properties command £28,000 price premium

by LLP Finance Reporter
17th Aug 23 11:54 am

Corner plots are listed in Yorkshire and the Humber more than any other region proportionally, so you’ve got ample choice if you want to buy one there. However, on average across England, a corner plot property will cost you a premium of £24,285 in the current market.

That’s according to market analysis from eXp UK, the platform for personal estate agents, which studied available listings to find the number, proportion, and house price premiums incurred when buying a home on a corner plot.

There are numerous advantages to buying a property on a corner plot, as there’s often more light, more wraparound garden space, on-street parking on the front and side, as well as one less neighbour to contend with.

In Yorkshire 9.3% of all listings in the region are corner plots, which is nearly double the average throughout England (5.0%).

Other regions with a strong proportion are the East Midlands (7.5%), the North East (7.4%), the West Midlands (6.1%), and the North West (5.9%).

You’ll have a harder time finding one in the South East proportionally, where they make up 4.4% of listings. However due to the size of the market that still represents more than 5,000 properties to choose from, more than any other region.

The region with the lowest number of corner plots is the North East, at 1,808, but that’s still a high proportion (7.4%) of the 24,305 homes that are listed in the region.

The corner plot premium

Available properties on a corner plot are rare in London, as just 0.3% of listings fit that category.

This means that as a proportion of listings, you’re 31 times more likely to find one in Yorkshire and the Humber than the capital.

The rare nature of corner plots in London is reflected by the steep premium you have to pay for one in the capital, as they cost 12.8% more than the average property in the region. That amounts to £67,108 more, bringing the price up to £525,629.

Across England as a whole, homes on a corner plot cost on average 8.0% more, totalling £24,285 more with an average price of £303,557.

Other areas where corner plots incur a big premium are the East Midlands (8.9%), Yorkshire and the Humber (8.8%), and the West Midlands (8.1%).

The lowest premium is in the East of England (5.8%), where it adds less than £20,000 to the purchase price.

Head of eXp UK, Adam Day said, “If you’ve previously had a run in with a terrible neighbour or like the idea of a wraparound garden then perhaps you should look to buy a home on a corner plot.

“However, whether that’s an easily achievable prospect depends on where you want to make a purchase.

“Proportionally you’re 31 times more likely to find a corner plot in Yorkshire and the Humber than London, which sit at opposite ends of the spectrum in terms of availability.

“Clearly you’d also have to be mindful of the price, as they cost more throughout every region of England – but especially in London.

“Even if there’s a premium perhaps it’s worth it – as that extra value will likely be maintained throughout the years.”

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