10 things that reduce London property from Tubes to Japanese Knotweed

With that in mind, we spoke to a number of London property experts about the factors driving down the capital’s homes and how they can reduce asking prices.

While proximity to the Underground is a big selling point when it comes to London property, you don’t want it to be also near. If you are close enough that you can see or hear the Tube, it is likely to have a negative impact on property value, with Rhianne Mcilroy of Middleton Advisors estimating that it will knock 10-15 percent off the house price.

Unlike other countries, much of London’s housing stock is leasehold and this can present unique challenges, especially if there are short leases. “A property with a lease of 80 years can see its value reduced by 10-20 percent due to the high cost and complexity of extending the lease,” said Sarah Walker, a property expert from Richmond. In addition, he added, there may be complex issues surrounding the leasehold, such as restrictive covenants or ground rent.

Noise and car pollution is a hot topic in London and, if you’re located on a busy main road, your property prices will take a hit. “The A4 is a good example of this; houses on the road are 50 per cent cheaper than those on the river,” says Mcilroy.

With many Londoners now preferring healthy and eco-friendly cycling options, proximity to viable cycle routes is becoming increasingly important. “These buyers often look for properties in areas with well-connected cycle paths that make their journeys direct and enjoyable. As a result, homes close to major cycle routes or in bike-friendly areas are highly sought after, which reflects the changing to a greener and more active lifestyle,” says Walker, who thinks that not being connected (to cycle routes or otherwise) can. reduce the value of your property by 10 percent.

If planning permission has not been sought for a property change, this can be a problem when it comes to valuation. “Issues like the lack of registered building consent or breaches of consent can be problematic,” said James Moran of Middleton Advisors. He estimates that, depending on the severity, these planning breaches can reduce property values ​​by between 5-10 per cent, but there are things that can be done to rectify this. “Issues like poor decoration or layout can be solved with the necessary permission, so it’s not a problem because these devaluing factors can be reduced if you get the right planning approval.”

Japanese Knotweed is notorious for devaluing homes because it is almost impossible to get a mortgage on a property if knotweed has not been professionally treated. While this is expensive – between £5000-£12,000 – once the treatment plan is complete, the overall value should not be affected. “I would advise clients to bring in a specialist to review and assess their severity and treatment plan,” says Mcilroy. “It can take several treatments to get rid of knotweed completely, and the plan usually has a 10-year return insurance guarantee, so based on the results and the quote, I would recommend changing the offer.”

While building work is an inevitable consequence of living in London, being next to a long-term construction site can affect the value of your home by between 10-15 percent. “It happens that you live next to a central terrace house that will carry out a renovation project for a year, including the basement, or the tower block at the end of the street will have to be covered again, and, in this case, you can see the value of the house reduced by 10 percent,” McIlroy said. While it’s always nice to be near an area that’s undergoing regeneration, it’s a fine balance. Walker estimates that the area “suffers. from overdevelopment may reduce 5-10 percent of property values ​​due to congestion and loss of green space.

Basements are a feature of many London homes, especially these days, but, while they add much needed square footage, they won’t add the desired value unless they are seen as a space that can be legitimately used by potential buyers. “Make the space as light as possible and if it costs money to dig a light well, it’s worth it,” said Marc Schneiderman of Arlington Residential. “The difference between a light, useful and pleasant ground floor space compared to a dark ‘basement’ can double the square footage value for that space. A newly sold house in NW8 has a fantastic ground floor of around 1,000 sqft worth approx £1,200 per sqft. An equivalent dark ‘basement’ space costs around £600 per sqft.

After Grenfell, all buildings of more than 16 meters or above, or with seven or more residential flats, require an EWS1 form as part of building safety and fire safety actions. “If you can’t get a certificate, the building must have new cladding,” said Mcilroy. It also makes it very difficult to sell to a buyer with a mortgage, devaluing the property significantly.

Due to tight budget constraints, council-owned properties are often less well-maintained than their privately-owned counterparts. If your street has several council properties, Mcilroy says your home could be affected. “Councils don’t maintain the exterior of properties as privately owned which can cause problems and affect property values ​​by up to 20 per cent.”