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Would-be mortgage holders alerted to new home price research

Tue, 20 Feb 2007

Prospective mortgage holders have been reminded that mortgages are typically far higher for properties that feature picturesque views.

Home finding specialists The County Homesearch Company asked representatives of its 24 UK branches to estimate the price that a would-be mortgage holder would need to bid to buy properties with a view over attractive sites such as a golf course or a winding coastline.

And whereas a city centre Birmingham apartment without a view on the first floor would be worth £172,500, the experts suggest, a 16th floor apartment with a view of the city would be worth £265,500.

Similarly, a three-bedroom Brighton apartment with a sea view is apparently worth £940,000, compared to £790,000 if the property is without any view whatsoever.

"Many things impact on the price of a property," explained Jonathan Haward, managing director of The County Homesearch Company.

"A house with a river frontage or a sea view can fetch 50 per cent more than for a house of similar accommodation that does not enjoy such sought-after location."

The findings suggest that first-time buyers concerned about affordability may wish to concentrate their search on buildings without panoramic views.

This could potentially enable homebuyers to reduce the overall size of their mortgage.

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