Heatwaves threaten to lower prices of some properties in Britain... Here's why
Some types of properties are facing an unprecedented and unexpected challenge, as their prices may decline in the coming period if heatwaves continue to impact the daily lives of Britons.
According to a report published by the British newspaper 'Metro' and reviewed by Al Arabiya Business, properties with open gardens and rear-facing gardens, which are widespread in Britain and considered the most in demand and highest priced, face the risk of decline in the coming period if heatwaves continue to hit British cities, due to these homes facing the sun more than others.
Britain recorded the highest temperature in its history in recent weeks, exceeding all previous records, while witnessing an unprecedented heatwave last May and another in June. It is currently experiencing a major heatwave, amid reports that these waves are a sign of unprecedented climate change in the country.
Properties with back gardens have always commanded higher prices, but their value could see a significant decline if Britain continues to face severe heatwaves, according to Metro's report.
A new survey by Yopa, which included 1,000 British citizens, revealed that 81% of homeowners avoided spending time in their gardens this summer due to weather conditions.
Currently, south-facing gardens remain the preferred choice for homeowners in Britain, raising the property value by an average of more than £20,000.
However, data indicates that Britons' passion for these sunny (heat-trapping) spaces is beginning to wane.
Nearly one in five Britons (18%) believe that the value of south-facing gardens will decrease due to rising summer temperatures over the next decade; expectations also supported by real estate agents.
Yopa conducted a survey of homeowners in Britain to find out how recent heatwaves have affected their preferences for south-facing gardens, which have long been valued for receiving the maximum direct sunlight compared to north, east, or west-facing gardens.
The latest property listing data shows that properties in England with south-facing gardens currently achieve a price increase of 7.1% on average; equivalent to £20,689 given the current average home price of £291,445 (in England).
But when asked about the biggest drawbacks of extreme summer heat regarding gardens, the most common answer was that the weather becomes too hot to sit outside. This was followed by heat damage to lawns and plants, lack of available shade, and higher water bills from efforts to keep plants alive and cool off using small inflatable pools.
On social media, Britons also shared their experiences of the downsides of living in a property with a south-facing garden or bedrooms, with one apartment owner commenting: "I feel like all the fluids in my body are slowly evaporating."
While one in ten survey participants believe that a south-facing garden will retain its added value over the next decade, nearly one in five think the opposite.
Commenting on these findings, Verona Frankish, CEO of Yopa real estate agency, said: "South-facing gardens have long been one of the most sought-after features among homebuyers, and it's easy to see why; more hours of sunshine mean greater enjoyment of the outdoor space, whether for entertaining, gardening, or simply making the most of the warmer months. This enduring appeal has naturally been reflected in a higher home price."
She added: "However, with temperatures reaching record levels this year, many homeowners have found themselves avoiding using their gardens."
Frankish said: "So, although a south-facing garden is still the preferred choice for many buyers today, climate change and the frequency of heatwaves may begin to diminish its appeal."
Advertorial
Advertorial
Original source: Al Arabiya
Comments (0)
Be the first to comment.