Nook plot properties command £28,000 worth premium

Nook plots are listed in Yorkshire and the Humber greater than some other area proportionally, so that you’ve acquired ample selection if you wish to purchase one there. Nonetheless, on common throughout England, a nook plot property will price you a premium of £24,285 within the present market.

That’s in response to market evaluation from eXp UK, the platform for private property brokers, which studied out there listings to search out the quantity, proportion, and home worth premiums incurred when shopping for a house on a nook plot.

There are quite a few benefits to purchasing a property on a nook plot, as there’s usually extra mild, extra wraparound backyard area, on-street parking on the entrance and aspect, in addition to one much less neighbour to take care of.

In Yorkshire 9.3% of all listings within the area are nook plots, which is sort of double the common all through England (5.0%).

Different areas with a robust proportion are the East Midlands (7.5%), the North East (7.4%), the West Midlands (6.1%), and the North West (5.9%).

You’ll have a more durable time discovering one within the South East proportionally, the place they make up 4.4% of listings. Nonetheless because of the dimension of the market that also represents greater than 5,000 properties to select from, greater than some other area.

The area with the bottom variety of nook plots is the North East, at 1,808, however that’s nonetheless a excessive proportion (7.4%) of the 24,305 properties which might be listed within the area.

The nook plot premium

Obtainable properties on a nook plot are uncommon in London, as simply 0.3% of listings match that class.

Because of this as a proportion of listings, you’re 31 occasions extra more likely to discover one in Yorkshire and the Humber than the capital.

The uncommon nature of nook plots in London is mirrored by the steep premium it’s important to pay for one within the capital, as they price 12.8% greater than the common property within the area. That quantities to £67,108 extra, bringing the value as much as £525,629.

Throughout England as an entire, properties on a nook plot price on common 8.0% extra, totalling £24,285 extra with a median worth of £303,557.

Different areas the place nook plots incur a giant premium are the East Midlands (8.9%), Yorkshire and the Humber (8.8%), and the West Midlands (8.1%).

The bottom premium is within the East of England (5.8%), the place it provides lower than £20,000 to the acquisition worth.

Head of eXp UK, Adam Day stated, “When you’ve beforehand had a run in with a horrible neighbour or like the concept of a wraparound backyard then maybe you need to look to purchase a house on a nook plot.

“Nonetheless, whether or not that’s an simply achievable prospect depends upon the place you need to make a purchase order.

“Proportionally you’re 31 occasions extra more likely to discover a nook plot in Yorkshire and the Humber than London, which sit at reverse ends of the spectrum when it comes to availability.

“Clearly you’d additionally should be aware of the value, as they price extra all through each area of England – however particularly in London.

“Even when there’s a premium maybe it’s price it – as that additional worth will doubtless be maintained all through the years.”