A new survey by estate agent Greene & Co, which asked respondents whether they would buy a home next to one of nine noisy or unattractive locations, has shown that pylons, derelict land and the proximity of take away restaurants are the biggest turn offs for potential house buyers.
Pylons were cited by 70% of respondents as being the least desirable blight to live close by, putting in second place derelict land (69%) and takeaway restaurants (57%) in third.
However, buyers would live in close proximity to these blights if they received a discount of up to 25%. Almost half of Londoners (47%+) would buy next to two thirds of the blots including a noisy pub or an ugly mobile phone mast or a flight path (52%). Conversely, 53%+ of the respondents in the rest of the UK would choose not to live next to seven of the nine blights.
Bus stops were the least objectionable object with 87% of Londoners prepared to live by one while the UK sample followed by stating secondary schools (65%) and tube/trains (62%); these three locations also had the highest percentage of respondents happy to pay the full price for a property in London. Where buyers in London and the UK differed was their view of pubs, with (53%) of Londoners wishing not to buy next to a public house, compared to just 70% of the UK.
The majority of Londoners would not buy a home next to derelict land (69%) or electricity pylons (70%) with a number demanding unrealistic discounts an average of 25% off the asking price.
David Pollock, Managing Director at Greene & Co. comments:
“Competition for property is rife across the country, especially in London, and this survey highlights that Londoners are being overwhelmingly more accepting of properties in noisy locations or next to perceived eyesores. However, it also shows that buyers expect to see varying degrees of discount off the asking price. Bus stops, schools and tubes or trains are mostly seen as selling points while electricity pylons and derelict land are definite no goes, with 70% of Londoners and those across the country declining to buy in these locations without substantial price rebates.
”Over half of Londoners (52%) would buy a property under a flight path, however, 35% would expect a 20-30% discount and a quarter (25%) would expect a discount of over 30%. The average property price in London now standing at £414,000*; and a the average 24% discount equates to £103,500 off the asking price, which does bode well for homes potentially affected by plans for a new runway at Heathrow.”
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