Location 'is key' when buying a house

Posted: 01 Sep 2010 10:03:16 GMT

Individuals looking to buy a house need to consider the location, as it is a key aspect that can override many negative features of a property, one expert has suggested.

Director of the Little House Company Nick Marr said people who are trying to sell a dwelling do not need to try as hard if their abode is situated in an "ideal location".

"Some mortgage companies for example look at the postcode and Land Registry data to help value a property in that area," he added.

However, Mr Marr noted the desirability of a location can sometimes be missed by the vendor, which leads to an undervaluation.

He explained many family moves focus on the distance to education facilities and the power of schools' ranking should not be underestimated.

The specialist's comments follow the release of a report from the Post Office, which revealed 24 per cent of homebuyers are prepared to pay an average of £10,043 more to secure an abode with a garden or roof terrace.
 

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