Hello, and welcome back to the Experience Invest blog, a chance for you to catch up on some of the latest residential investment stories in the news. This week the news that homes located near or close to a world heritage site are worth 27% more than the average, and are likely to retain or increase in value over time.
While the cost of an average home in the UK is currently £284,127, according to research published by Zoopla – a website covering the residential market, properties located in or near a World Heritage are on average worth £362,120, an impressive £77,993 more.
World Heritage Status
World Heritage Status is awarded by UNESCO (the United Nations Educational, Scientific and Cultural Organisation). The organisation encourages the “identification, protection and preservation of cultural and natural heritage” around the world. Places as diverse as the Taj Mahal, the Great Barrier Reef and the Pyramids of Egypt are designated World Heritage sties, but also lesser known towns and cities across the world have the same status.
In the UK, World Heritage site status was first granted by UNESCO in 1986, and today places as varied as Stonehenge, the Palace of Westminster and the Royal Botanic Gardens at Kew are among the sites recognised.
Property values are likely to continue to rise
Zoopla’s research finds that the longer an area has enjoyed World Heritage, the more likely property values in that location will have risen. The first ten sites to be chosen, which include Bath and Blenheim Palace, today have an average property value of £424,873. Whereas properties in locations chosen since 2000 are valued at £274,292.
The latest place in the UK to be awarded World Heritage status is the Forth Bridge in Scotland. Homes in this area are currently valued at average of £202,011.
The most affordable locations
The analysis finds that the Orkney Islands are the UK’s most affordable World Heritage site to buy a property near. Properties here are valued at an average of £130,169, which is 178% less than the average house price near to a World Heritage site.
UNESCO sites in Bradford and Liverpool are the least expensive urban sites. Saltaire, an industrial village built by Sir Titus Salt in the 19th century, located within the City of Bradford, is the most affordable urban site. A typical property in Saltaire costs £155,868.
Meanwhile, a property located within Liverpool’s Maritime Mercantile City, which includes the largest collection of Grade I-listed buildings anywhere in the UK, is valued at an average of £167,771.
Zoopla public relations head Lawrence Hall said: “Bradford and Liverpool offer fantastic opportunities for potential buyers to live in cities which have shaped world culture. Britain’s World Heritage Sites have contributed massively to our history and our research shows that living near to one can add significantly to a property’s value.
“Looking at the most recent site to gain World Heritage Status, home-owners near the Forth Bridge could expect to see property values increase in future, as the full benefits the award brings to the area begin to be felt.”
About Experience Invest
Experience Invest is a London-based independent property company specialising in residential investments, student property and care home investments. The company works with clients across the UK and internationally, and is regularly featured in the property news – see The Telegraph, on Yahoo Finance, and by Reuters for examples of recent articles.
Experience Invest recently announced the launch of One Wolstenholme Square, a brand new residential development in the heart of Liverpool. If you are interested in finding out more about this exciting residential investment opportunity or would like to explore our full selection of buy-to-let opportunities please visit the website for full details.