A excessive value for the excessive (altitude) life

From larger flood danger safety to spectacular views, there are a lot of the reason why properties on larger floor may be sought-after, however does organising house at larger altitude come at a larger value?

We determined to discover this…

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

Because of taking a look at all of the properties obtainable in every district and rating them from highest to lowest by way of altitude and splitting them into quartiles from the bottom 25% to the very best 25%, we have been in a position to evaluate the common value and the altitude for every quartile.

Our analysis revealed that there’s a distinguished value hole between houses on decrease floor and properties at larger altitude, in actual fact, patrons pay a mean premium of £505,749 for houses constructed at larger 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 positioned within the Lake District, ranked as having the very best value hole when in comparison with properties on decrease floor. In Allerdale, patrons can count on to pay 338% extra to stay at this altitude than patrons trying to buy a house at decrease altitude. In return for this premium, properties on this district usually include spectacular views and the realm is a well-liked location for idyllic second vacation houses.

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

Alongside these North Western districts the place mountain-top properties see patrons 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, patrons trying to transfer to the borough of Merton will discover themselves paying 273% extra for a property on larger floor, whereas in Enfield it prices 249% extra. These boroughs are positioned 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 town past such because the streets round Broomfield Park. Barely additional south in Elmbridge, equally to Enfield, properties price 249% extra on larger floor than at decrease altitude.

Within the East of England, we discovered the next districts got here with a premium for properties on larger floor. Tendring, Essex, is house to the favored seaside vacation spot Clacton-on-Sea and to stay atop a hill on this district it prices a powerful 255% extra. In the meantime, in southern Hertfordshire, Welwyn Hatfield sees patrons paying 231% extra and on the northern outskirts of London, within the city of Broxbourne it prices 228% extra to buy a property on larger 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 larger floor costing 227% extra whereas in Aberdeen Metropolis, patrons can count on to pay 223% extra for a house positioned larger up and in Angus, it prices 217% to buy properties at larger altitude.

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