The importance of the location for a property is well-known amongst buyers and sellers. This is because as the market swings, the location of a property remains the same and good locations have traditionally kept their value stable. Have you ever wondered what sets the best apart from the rest? Read on to find out more about Southampton’s property market and why location matters.
Despite the city itself being sizeable, Southampton city centre is comparable to any small to medium-sized city in the UK. The property market in the city centre is characterised by various blocks of flats with some houses and townhouses in certain areas. However, many flats in the city centre will be of an average standard where buyers and tenants alike pay for the location as opposed to the standard.
Some people will argue that location is the single most important part of finding a new home or investment. What constitutes a decent location can be many things and will vary based on the circumstances of the various buyers on the market. What are the key points that sets a location apart?
Closeness to amenities – although some people might prefer to move slightly out of the city centre, closeness to local amenities is important for most buyers. Not having to drive 10 minutes because you forgot to get milk or being able to walk to your local pub, coffee shop or GP surgery and pharmacy are all things appreciated by buyers across most age groups or circumstances.
Transport options – this is an important reasons why there has become many commuter hubs across the UK, in particular for people who work in London or other larger cities, but who do not want to live there. Closeness to a trainstation with great connections to the larger UK cities will always be an attractive aspect of any property, but will particularly appeal to commuters and people who work hybrid. For people who do not like sitting in standstill traffic or paying for parking, the option to not have to own or use a car is also a reason why transport options for a property is highly valued.
Quality of local schools – now this is a point which mainly is vital to families with children of school age. However, that does not mean it doesn’t appeal to other buyers group precisely because of the value it adds to a property. Even without children, if you want to buy in an area you can feel safe will keep its value – local schools is often a key thing to check.
Path of neighbourhood – this might not be as easy as the above points to find out, but doing some due diligence on the area is important. How is it changing? For example, is the area becoming increasingly popular amongst students? That might narrow your buyers pool as established families, couples and individuals do not want to live in the midst of a student area. Are there any new and exciting building projects going on? Planned new transport links?
The main things the above points have in common is that they appeal to many different people regardless of their age or personal circumstances. This way any property who tick these boxes will always benefit from a wider buyers pool because it’s attractive to your general buyer, investor and as a rental. It’s very much the definition of not “putting all your eggs in one basket”. As the market fluctuates, you will still benefit from a varied set of buyers.
Here at Edison Green, we have often used the example of Royal Crescent Apartments to showcase accessible apartments of a decent standard in a central location. For apartments we have advertised there, we tend to get wide interest from first-time buyers, young professionals, established and retired couples, and investors. It’s one of many examples across Southampton of why location matters!
If you want to discuss selling your property in Southampton or finding a property contact us today for an informal conversation.
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