REVEALED: The city landmarks which increase nearby house prices by 20pc
- Credit: Archant library
Homes near landmarks like Norwich Cathedral and castle - or even Carrow Road - will have a markedly increased value, it has been revealed.
Experts have revealed that properties close to classic city beauty spots can see their asking price increase by up to a fifth purely thanks to proximity.
David Hinton, sales manager, Brown & Co, Norwich, said: “If you have a property which has the cathedral or castle in your window, or perhaps it’s adjacent to a Tudor building or an ancient church, it increases its sale price without a doubt."
But why? He explained: “People instantly fall in love with looking out of a window to a landmark building; it’s that feeling of ownership, of having a view few others can have. It’s special as well as being in many cases, something of beauty.
“We sold a townhouse in Friar’s Quay, for example, which looked out to Norwich Cathedral as well as the river and also a medieval courtyard for a price well over £470,000 that, if it had been somewhere else in the city without that view, would have been worth about £395,000.
“We also sold a character home in Princes Street with no garden, three bedrooms and one reception for more than £300,000 because it was situated right next to the historic St Peter Hungate church.
"If you’d picked that house up and placed it in another attractive location in Norwich, but without a landmark church next to it, it would have been for sale for more like £220,000."
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However whether a view of the river is worth more than the Canaries stadium is difficult to estimate, he advised.
He said: “It is sometimes tricky quantifying just how much a view is worth. We look at comparable evidence on pricing going back five or six years on properties with similar settings before valuing a property that has an outstanding feature in terms of its location.
“We also find some of the city’s other more unconventional offerings such as Carrow Road, can also add value and interest to a property – particularly if the buyer is a Norwich City fan."
Why is living in the city so attractive?
Jamie Duffield is a sales manager at Abbot Fox and said that the easy pace of life is what attracts people to the city.
He explained: "We're actually seeing people who live in the country look at slowing down in the city. They want a pace of life where they can find amenities on their doorstep instead of having to rush around to find places.
"Landmarks definitely add value to homes - I'd say particularly the castle and cathedral.
"Not only are they brilliant locations but there's also a bit of greener space around it which people also enjoy.
"The station is another big pull on that side of the city, especially for younger professionals looking to commute.
"If we get an apartment down on Riverside it gets snapped up really quickly and the interest is huge."
Where have the most expensive homes in Norwich been sold?
According to the most recent data from Land Registry, these are the most expensive homes which have been sold in the city.
In August the top sales were:
1. Unthank Road, Norwich - £1,435,000
2. Church Avenue, Norwich - £1,200,000
3. Cullings Hill, Postwick - £760,000
4. The Ridings, Poringland - £590,000
5. Kingston Square, Norwich - £540,000
6. The Willows, Church Road, Norwich - £475,000
7. St Edmunds Wharf, Norwich - £450,000
8. Pigg Lane, Norwich - £425,000
9. Magdalen Street, Norwich - £340,000
10. Clovelly Drive, Norwich - £325,000