House prices being something of a national obsession, each week seems to bring another story in the media about how proximity to certain services can affect your house price.
The more obvious contenders are:
Living near a top-performing school - Lloyds Bank research found an average 17% premium if you want to purchase a home in the postal district of a top performing state school, compared to surrounding areas. The premium can reach over 80% in some cases!
Living on the new 'Night Tube' routes - These start with the Victoria and Central Lines now open 24 hours a day on Fridays and Saturdays (passing right through West Acton to Ealing Broadway). eMoov research found an up to 9% house price change in the last 12 months (or a 6% fall if you live near Chancery Lane).
However, this does not actually mean much - in the year to June 2016 average London house prices increased by 12.6% according to the Office of National Statistics.
Living near a future Crossrail station - The so-called 'Crossrail Effect' has seen prices rise faster for homes near to future stations on the Crossrail 1 / Elizabeth Line project than for those homes in the surrounding areas. Some research predicts prices for properties near Croissrail 1 stations will outpace London's average house price growth by 7% by 2020.
And a less obvious contender:
'The Waitrose Effect' - Lloyds Bank researchers (where do they find the time) have calculated the effect of proximity to a supermarket on house prices for the last few years. They've found that proximity to any supermarket seems to add on average £22,000 (c. 8%) to the value of a home compared to those further away from said supermarket; and this rises to £38,666 (c. 10%) for those lucky enough to live near a Waitrose.
Local variance, and Expertise
Whilst the above studies are entertaining, they often fail to provide much meaningful information as the London property market is highly segmented and subject to substantial local variations. The usual caveats about correlation not equalling causation, and many factors playing a role in house prices, also apply to all the above.
If you'd appreciate a more nuanced analysis of the primary drivers of house price change in the West Acton area, and what the future might hold, please contact your friendly local estate agent on 0208 752 0445 or e-mail property@japanservices.co.uk
