How living near an iconic landmark can impact your house price

UK landmarks can have a noticeable impact on nearby house prices – but whether it is a positive or negative effect depends on the attraction.

That is according to banking service, thinkmoney, which has investigated how house prices within postal districts of the most reviewed tourist sites in the UK’s major cities compare to the average values in the city.

Property owners with homes close to the National Trust’s Wightwick Manor in Wolverhampton were making biggest gains from their location, with dwellings in this area at 60% above average house price in the nearest city.

Meanwhile, also topping the list of attractions with the most positive impact on house prices, were the Hunterian Art Gallery in Glasgow and the Clifton Suspension Bridge in Bristol. They inflate prices of nearby properties by 44% and 42% respectively.

Sheffield’s Botanical Gardens, the Angel of North in Gateshead and the Bronte Parsonage Museum also had a beneficial effect on the nearby house prices.

But not all landmarks made such a favourable impression on the local property market, thinkmoney’s research found.

Properties in the postal district of Cardiff Castle were valued 22% lower than the city’s average house price. And the National Space Centre sent prices of its neighbouring homes in Leicester plummeting by 17%.

Jonathon Sabinsky, head of communications at thinkmoney, said: “It was surprising to find that although you might expect to pay more to live close to an iconic landmark, it’s not the ones you would expect that are increasing house values the most.

“For example, Wolverhampton’s Wightwick Manor and Gardens add up to 60% to the price of your home, compared to elsewhere in the city.

Mixed feelings

One potential reason for the varying impacts the different landmarks had on house prices was put forward by Zoe Patrick, director of sales and Letting at estate agents, Patrick Oliver.

She said:  “Living near a local landmark can help sell your home, but it does depend on the landmark.

“As some will love being next to an icon, others will find the crowds and attention associated with tourism spots too much. Therefore, whilst landmarks can add an intrinsic value, there are so many other factors that will always be considered as well.”

Meanwhile, Benjamin Heginbotham, director of architectural design firm The Practical Planning Company, said: “There are many factors that can help sell a property, but a house located near a popular landmark provides bragging rights like nothing else, primarily because of the view it offers.

“Of course, if you’re not lucky enough to own a property in a landmark location, and your view is more car park than a castle, there are still plenty of ways to add value to your home and make it easier to sell.”