You may be looking to buy a new house or sell your current home, but how does the postcode influence the price of property? Well there are many features that will affect the value, and also many ways you can find out more information without having to pay for the privilege.
At its most basic level, the reason that postcodes can affect house prices so much is that people are willing to pay more to live in a fashionable or up-and-coming area. Factors that can affect this are good local schools, access to local amenities, strong transport links and a low crime rate.
Although house prices for properties of a similar description can vary nationwide, it all comes down to personal preference whether you want to live in a city or in a more rural location. Young families will prefer larger houses with gardens and a quality school within easy reach. However, single career people or couples may opt to live nearer their jobs in newer apartment developments.
If you want to check out how much a property has sold for in a certain postcode sector, you will find the majority of the information you require online. Some websites will charge a fee to tell you the price paid for houses, yet there are ways you can get this information quickly and for free. These sites all draw their statistics from the Land Registry and the Registers of Scotland so the results are pretty much the same.
All you need to do is enter a particular postcode or street name, and these sites will list the properties that have sold in that area and what the sale price was. When searching for house prices by postcode, there are online tools that will allow you to narrow your search by house age and style. Newly sold houses will not appear straightaway, so you may have to wait two to three months before their details become available.
Gone are the days when you could simply pop into your local estate agent and ask about the sale price of the house down the road. Nowadays, there are so many property search sites out there that you don’t even need to leave your own home. It is worth remembering that asking prices can sometimes be on the optimistic side, indicating what the seller wants and not necessarily what the property is worth.
If you are looking for properties in a particular postcode, you should also note that some houses are sold before the agent gets a chance to put it on their website, so it is worth registering your interest with a few agents to ensure you get to know about a good spread of properties in the area.
You can also find out more about different factors that affect property value on specialist internet sites. You can get crime statistics on your preferred postcode compared to the national average, check out flood and subsidence risks and confirm council tax bandings.
For serious property sellers and buyers, you can also find information on everything from poverty to access to services online. There are government websites that will give you the facts on average life expectancies, how many people went bankrupt or how many burglaries were committed.
If you want to find out more about house prices by postcode, go online and check out the many useful sites available to gain a rounded picture of how property values are affected by location.