A excessive value for the excessive (altitude) life

From larger flood threat safety to spectacular views, there are numerous the reason why properties on increased floor may be sought-after, however does establishing house at increased altitude come at a larger value?

We determined to discover this…

To seek out out which districts throughout the nation have the most important margin between properties at low altitude and excessive altitude, we analysed the sale values of houses that had been in the marketplace in 2022 to see how costs various inside geographical districts by altitude.

On account of all of the properties out there in every district and rating them from highest to lowest when it comes to altitude and splitting them into quartiles from the bottom 25% to the very best 25%, we had been in a position to examine the typical value and the altitude for every quartile.

Our analysis revealed that there’s a outstanding value hole between houses on decrease floor and properties at increased altitude, the truth is, consumers pay a mean premium of £505,749 for houses constructed at increased altitudes.

The highest 15 districts the place the altitude impact is most prevalent may be seen under:

 

As proven within the desk above, Allerdale which is situated within the Lake District, ranked as having the very best value hole when in comparison with properties on decrease floor. In Allerdale, consumers can count on to pay 338% extra to reside at this altitude than consumers trying to buy a house at decrease altitude. In return for this premium, properties on this district typically include spectacular views and the world is a well-liked location for idyllic second vacation houses.

Rating fourth simply behind Hartlepool and Runnymede, Copeland, which can also be within the scenic Lake District, sees consumers paying 305% extra when in comparison with properties on decrease floor.

Alongside these North Western districts the place mountain-top properties see consumers paying a premium, a number of southern districts additionally ranked inside the prime 15 areas the place the altitude impact is most pronounced.

In London, consumers trying to transfer to the borough of Merton will discover themselves paying 273% extra for a property on increased floor, whereas in Enfield it prices 249% extra. These boroughs are situated within the Southwest and North of the capital respectively and whereas Merton is house to Wimbledon Village, the very best level within the borough, Enfield boasts many hilly areas the place interval properties overlook the town past such because the streets round Broomfield Park. Barely additional south in Elmbridge, equally to Enfield, properties price 249% extra on increased floor than at decrease altitude.

Within the East of England, we discovered the next districts got here with a premium for properties on increased floor. Tendring, Essex, is house to the favored seaside vacation spot Clacton-on-Sea and to reside atop a hill on this district it prices a formidable 255% extra. In the meantime, in southern Hertfordshire, Welwyn Hatfield sees consumers paying 231% extra and on the northern outskirts of London, within the city of Broxbourne it prices 228% extra to buy a property on increased floor.

Out of the highest 15 districts the place the altitude impact is most pronounced throughout the UK, the Scottish areas of Moray, Aberdeen Metropolis, and Angus ranked twelfth, thirteenth and fourteenth respectively. Moray sees properties on increased floor costing 227% extra whereas in Aberdeen Metropolis, consumers can count on to pay 223% extra for a house situated increased up and in Angus, it prices 217% to buy properties at increased altitude.

We shared these insights with The Instances, who’ve explored why home costs are so excessive on increased floor. You’ll be able to learn the complete article here (paywall).