Location, location, location…vital for house prices?

Creating ‘better’ places to live can substantially increase property prices, according to a new survey.
The Royal Institution of Chartered Surveyors (RICS) has released the findings in its new information paper, called ‘Placemaking and Value’.
RICS says that the term ‘placemaking’ is used to capture all of the factors which combine to create a good place in which to live or work. Evidence suggests that top of the list for people in the UK is a concept of ‘neighbourhood’. Proximity to local facilities and shops also ranks highly.
It seems obvious that property prices will be higher in ‘nicer’ areas but the RICS argues that creating better places will not only boost values but also create thriving communities where people want to ‘live, work and play’,
Furthermore, it says, creating better places translates into better profits and that this could encourage more and better developments.
Tony Mulhall, who is a RICS Associate Director, says: “Strong leadership is needed in development teams with a clear vision and ambition from the earliest point.
“Masterplanners, landowners and developers need to work together with the support of the local planning authority to deliver through the political and economic cycles.
“RICS has always been interested in harnessing market forces in the public interest and the proposition is simple – if developers create places that are well planned, well designed and well built, people will pay more for them.”
We are registered with RICS as a firm. Our managing director Bill McAndrew, director Ian Lee, consultant Ken Veness and chartered surveyor Alf Wimshurst are all RICS Fellows.
Read more about the RICS paper here: www.rics.org/uk/news/news-insight/press-releases/creating-better-places-to-live-can-substantially-increase-values-/
Interestingly, the latest figures from Hometrack showed property values in Portsmouth rising by 8.5% in 2015, with the city’s average price now at £208,700.
You can also find out more about property prices in Portsmouth on the Portsmouth News website at www.portsmouth.co.uk/news/new-high-is-reached-for-portsmouth-property-prices-1-7232394
Don’t forget to visit our Facebook and LinkedIn pages under our name, and follow us on Twitter under @McAndrewMartin.

Creating ‘better’ places to live can substantially increase property prices, according to a new survey. The Royal Institution of Chartered…

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