Have you ever wanted to be woken by the sound of roaring lions? How about gazing at giraffes from your back garden? Well, for residents of Chester, a home close to the world-famous Chester Zoo might offer these opportunities, but it seems it will come at a cost.
Location location location
Research conducted by buy-to-let insurance experts at Alan Boswell Group has concluded that living near a major attraction can significantly increase the value of a property.
According to their analysis – which involved comparing the cost of properties within a one-mile radius of major attractions with those sold in the wider area – living in the direct vicinity of a tourist attraction could increase the value of a property by up to 169%.
In the case of Chester Zoo, it was found that the average cost of a property within a mile of the zoo was £315,500 compared to £265,500 in the wider area – a hefty 19% premium for waking up to those wild animal sounds!
However, the increase in property prices around Chester Zoo was dwarfed by those for a property located within a mile of Compton Acres in Dorset. Properties located within a mile of these stunning gardens in Poole sell for up to 169% more than properties in the wider area.
Proximity to attractions can increase house value
Heath Alexander-Bew, speaking on behalf of the buy-to-let insurance experts at Alan Boswell Group, commented:
“Being aware of the wider surrounding area of their property is increasingly critical for landlords, especially as the location of key attractions can impact property value, both positively and negatively. Being close to a well-known, popular attraction can be very advantageous, especially adding to the value of your property. Popular attractions drive high footfall which increases the demand for short-lets and increases rental opportunities. This is even more impactful if attractions have a year-round appeal, as it can generate interest beyond the typically popular summer season.”
Not all attractions cause a house price increase
However, Heath Alexander-Bew also explained that homeowners and landlords should be cautious when buying property close to popular attractions as the attraction, ‘May not add anything, other than increased footfall in the area.’
In fact, several of the attractions that the experts analysed did actually lead to a decrease in property value. The starkest example being properties located within a mile of the National Media Museum in Bradford, which sold for, on average, 37% less than properties in the wider area.
Many of the country’s leading attractions were considered as part of the analysis. The table below shows the attractions that increased property prices by the greatest percentage:
So, if you want to wake up to the sound of Chester Zoo’s monkeys, the smell of Cadbury World’s melting chocolate, or the sight of Compton Acres’ beautiful gardens, then you’d better get saving!
