House prices are determined by a wide range of factors. Although many of these factors are relatively straightforward - such as size, location and age -
there are a number of hidden elements that could decrease the value of a property.
The Rightmove House Price Index is an invaluable tool when it comes to tracking the ups and downs of the housing market.
Monitoring how much properties are being marketed for in areas you are interested in will certainly give you a good idea of the housing market in general.. However, there are some issues which affect individual properties and which can reduce their value.
One factor which people often fail to take into account when considering house prices is the state of the property's boiler. A faulty boiler can lead to serious and potentially costly problems in the future, and replacing an old boiler that has come to the end of its life is an expense no-one wants to have to deal with.
You should also ascertain the age and state of the electrical wiring in the property, in case rewiring is required imminently. Other factors affecting house prices, which might not be easy to spot and could prove costly include:
For most people, buying a house is a long-term investment that they expect to be committed to for an extended period of time. Therefore, when considering house prices in your chosen area, don't just think about what the location is like today.
For example, if there are a number of empty properties in the vicinity, there is no way of knowing what these buildings may become in the future.
Similarly, when considering a property you should also take into account any planning issues that may arise nearby. A planned development could significantly change the character and tone of the area, making it far less attractive to buyers and, therefore, decreasing house prices.
All of these factors can have an effect on house prices, underlining the importance of using every resource available to research the state of the market in your chosen area so that you can make a truly informed choice. Rightmove is one of these resources - browse through our site to see how we can help you.