New research has found that 12 factors can slash home values by up to 20 per cent, with some surprising culprits making the list.
While most homeowners are aware that serious issues like subsidence can significantly impact property prices, many would be shocked to learn that an old swimming pool could reduce their home’s value by more than £50,000.
The study by Yopa estate agents examined the worst offenders for property devaluation based on the current average UK house price of £268,319. Some factors are fixable before selling, while others are beyond a homeowner’s control, potentially costing tens of thousands of pounds in lost value.
From structural problems to environmental factors and even unlucky house numbers, these devaluers can have a substantial impact on what buyers are willing to pay.
Japanese knotweed can knock value off your property
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Subsidence tops the list of property devaluers, slashing home values by a substantial 20 per cent, equivalent to a £53,664 loss on the average UK home.
This severe structural damage is expensive to correct, making it a major concern for potential buyers. Perhaps more surprising is the impact of old or unused swimming pools, which can reduce property values by 19.6 per cent (£52,591).
Far from being a luxury asset, outdated pools represent a significant expense for new owners who must either fill them in or modernise them. Japanese Knotweed, the notorious invasive plant, ranks third, causing a 15 per cent reduction in value (£40,248).
These three factors alone could potentially wipe over £146,000 off a property’s market value. Environmental factors also play a significant role in devaluing properties, with nearby pylons, powerlines, phone towers and wind turbines reducing values by 14 per cent (£37,565).
These structures are particularly problematic when visible from the property. Living on a flood plain or in an area with high flooding risk can slash prices by 13.6 per cent (£36,491).
Neighbouring properties in disrepair present another challenge, cutting values by 11 per cent (£29,515). This factor is entirely outside a homeowner’s control but significantly impacts buyer perception.
Perhaps most frustrating are nuisance neighbours, who can reduce a property’s value by 10 per cent (£26,832), according to the research. The potential stress these neighbours might cause future owners makes buyers hesitant to pay full price.
These environmental and neighbourhood factors combined could reduce a property’s value by nearly £130,000 based on the average UK house price. Less severe but still significant devaluers include messy, unkempt or overgrown houses and gardens, which can reduce property values by 8.2 per cent (£22,002).
This is one factor homeowners can address before selling. Lack of available parking cuts values by 6.8 per cent (£18,246), a particular concern in urban areas. Even superstition plays a role, with “unlucky” house numbers such as 13 reducing prices by six per cent (£16,099).
Living under a flight path impacts values by 5.5 per cent (£14,758) due to noise concerns. Nearby power stations round out the list, cutting property values by five per cent (£13,416).
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A lack of parking can also make buyers pay less
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These five factors might seem less dramatic than structural issues, but together they could still reduce a home’s value by over £84,500. Even the smallest percentage reduction translates to thousands of pounds in lost value.
Yopa’s national franchise director Steve Anderson said: “Average house prices are a useful guide when it comes to valuing a property, but in reality, your home is only worth as much as someone is willing to pay for it.
“While some of the money-losing issues we’ve discovered can be remedied before you place the house on the market – some easily such as general untidiness and poor upkeep, others with more difficulty such as subsidence and knotweed – the rest are largely out of your control.
“It’s hard to avoid if you live under a flight path, have pylons located nearby, or, perhaps worst of all, bad neighbours. But it’s nonetheless true that this can severely impact your property value.
“If any of these things apply to your home, when it comes to selling, it’s vital that you do everything you can to present it in the best light possible and hope that buyers fall in love with it so much that they’re willing to overlook any wider issues.
“This means ensuring the house is clean and tidy inside and out, decluttered and bathed in natural light to demonstrate each room’s full potential. If you do all of these things, a good estate agent who knows the local market well should be able to guide you towards achieving a good price.”
