New research by estate agent comparison site, GetAgent.co.uk, analysed the current price paid for corner plot properties across Britain and what this equates to as a house price premium when compared to the average house price in each region.
The figures show that the average British home commands £289,807 in current market conditions. However, those entering the market with the upper hand of a corner plot property are selling for an average of £399,505 - a 38% property price premium and £109,698 more than the average seller.
Corner plot properties are in high demand and it’s easy to see why. They tend to offer more overall space compared to a regular plot, allowing for more potential to extend a home or the benefit of a greater degree of outdoor space - a feature that has become particularly sought after following the pandemic.
Another big bonus of a corner plot is the fact they often provide a homebuyer with double the amount of on-street parking. But it’s not just the external benefits, a corner plot generally allows for a greater degree of light and ventilation, which can make a huge difference to the interior feel of a home.
No surprise then, that with such features often scarce across the London property market, a corner plot property in the capital will see you secure the biggest house price premium, selling for an average of £972,341, an 81% increase on the general average house price of £537,920.
In the South East, a corner plot could see you secure as much as 46% more than the average house price in the region, with the North West (44%), Wales (40%), the West Midlands (39%) and the North East (39%) also amongst the largest price premiums.
In Scotland, the East Midlands and South West, the additional cash splashed for a corner plot property is at its smallest margin, but even still, buyers are willing to pay 29% above the regional average house price to secure such a property.
Colby Short, Co-founder and CEO of GetAgent.co.uk, commented: “We’ve become accustomed to homes flying off the shelves at alarming rates and for some astonishing prices in recent times, as a huge influx of buyers has fought it out for an inadequate level of property for sale stock.
"But even still, it pays to know what appeals to buyers before entering the market and the features and selling points that will not only differentiate you from the rest but also help you secure a far higher sold price, even when compared to your next-door neighbour.
"A corner plot property will certainly help you do this and the additional space, parking potential and privacy are just some of the reasons that a corner plot property will be in high demand amongst potential buyers.
"The good news is that you don’t have to be a property expert to maximise your property’s unique selling points. Any good estate agent should both recognise these unique features and advice on the price premium they can fetch in your local market, allowing you to price your property and market it appropriately.”
