Focusing on your property search requirements.
If you’re looking to buy a property, there is no point in going out on viewings until you’ve established what it is you’re looking for, where you want to be and what you’re likely to get with the budget you have. Viewing properties before you know what it is you’re looking for can be dangerous and a waste of time for both you and the agent.
You need to know what you’re looking for in order to be confident you’ve found the right place at the end of the day. This comes down to good property research and asking yourself many searching questions.
A successful property search needs focus and direction. It’s like a jigsaw puzzle with three key pieces – budget, space and location. What you can spend is the starting point; the other two pieces need to fit around your budget.
Here are the steps to take to ensure a successful property search:
1. Speak to an IFA or your bank to get an idea of what your budget might be for the property purchase.
2. Make a list of your requirements (number of bedrooms, kitchen size, style, commute time, schools, garden, etc.). Mark each requirement on an importance scale of 1-10 as you’ll likely to have to compromise on something down the line.
3. Use the information on Zoopla to research local property values, sold house prices and area stats such as average price per square foot in the areas you’re interested in.
5. Explore all the options – only by exploring all the options can you eventually make a decision on the right home with confidence and speed.
6. Narrow your search – with every viewing you will find out more about what you want, don’t want and can and can’t afford. Use each viewing as a means to refine your criteria so that you can be more precise in what you are looking for and where.
And finally, listen to your emotions – but don’t let them take over!
Every month, Phil’s top tips will be published on the Zoopla Blog.
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Forget streets with the X-factor, living on a street with a name beginning with the letter ‘U’ could mean your property is worth a lot more, according to Zoopla.co.uk research.
We analysed average house prices on more than three-quarters of a million streets in the UK. The most expensive street beginning with ‘U’ is Upper Phillimore Gardens where the average home is worth £5,740,496.
Average property prices on streets that start with a ‘U’ currently stand at £251,307 – the highest of any letter in the alphabet – and £25,503 more than the current average UK property value of £225,804.
At the other end of the scale, streets beginning with the letter ‘Z’ have the lowest property values, with the average property worth just £180,046 – 20% less than the UK average. One particular example is Zeus Lane in Waterlooville, Hampshire. Despite being named after a Greek god, property values on the street are far from Olympian. The average property value on the street is just £141,278, 37% lower than the national average of £225,804.
Streets beginning with the letters T (£248,008) and O (£244,450) came in second and third respectively in terms of the highest average property values, while those starting with the letters J (£190,802) and A (£211,744) record the second and third lowest property prices.
And vowels beat consonants hands down when it comes to house prices. The average property on a street beginning with a vowel is worth £6,306 (3%) more than a street beginning with a consonant. Street names beginning with a consonant have an average property value of £222,789, compared to £229,095 for those with a vowel.
So, it seems that there may be more to a street name than meets the eye. With a £70,000 difference between the average property price on streets starting with the letters U and Z, and a £6,000 difference on average on streets beginning with vowels and consonants, it is advisable to select your street wisely!
The A-Z (or U-Z!) of property values
|Starting Letter||No. of UK Streets||Avg. Property Value|