Our latest research into the property market has found that areas in England with a nearby hospital are home to an average house price 14% above the national average.
We looked at house prices across over 600 areas with a hospital that has been inspected and rated by the Care Quality Commission (CQC) to see what difference it has on the local property market, as well as how this differs depending on the hospital’s rating.
Of these hospitals, the 40 that have been rated as outstanding were home to an average house price of £302,281, 20% higher than the current English average.
In contrast, those that were rated as inadequate had an average house price of just £200,955, -17% lower than the national average.
House Price Growth Compared to England Average
Hospitals Rated Outstanding
Hospitals Rated Inadequate
North West Offers Most Affordable Property and Outstanding Hospitals
Of those hospitals rated as outstanding, the most affordable where the average house price is concerned are found in the North West. Kemple Vire in Blackburn, St Helens, The Walton Centre in Liverpool and the Thomas Linacre in Wigan are all home to an average house price below £130,000.
East of England Home to the Worst Rated for the Highest House Price
For homebuyers who value good healthcare, the East of England is one to avoid. Hemel Hempstead General Hospital is not only rated as inadequate, the average house price is £405,653!
The Princess Alexandra Hospital in Harlow was the second most expensive with a rating of inadequate, with Colchester General Hospital also rated poorly with an average house price of £263,849.
Across London, the average house price may be higher at £488,729 but boroughs that are home to a hospital fetch on average 19% higher than this at £582,543.
House Price Growth Compared to London Average
London Hospitals Rated Outstanding
London Hospitals Rated as Requiring Improvement
Although there are no hospitals rated as inadequate, those that were rated as requiring improvement were still home to an average house price 17% higher than the London average. Those rated as outstanding had an average house price of £857,639, a whopping 75% higher than the London average!
The close proximity of a healthcare facility can not only appeal to the average homeowner in terms of peace of mind but can also be of vital importance for those with ongoing or unique healthcare needs requiring specialist assistance on a more regular basis.
Of course, those that can boast of an outstanding hospital in the local area may have a healthy case for that extra few thousand on their asking price, but unfortunately, if that facility does fall into the inadequate category it can leave local homeowners in need of a sick note due to the negative impact on their property’s value.
This is just one of many external factors that can impact a property’s price potential and it’s important when moving home to consider every aspect of the local area to ensure it is right for you, before committing to a purchase.Russell Quirk