According to the latest figures from HM Land Registry, released just last week, UK house prices increased by 12.4% in the year to April 2022, up from 9.7% in March 2022. The increase means that the average UK home now sells for £299,249.
While the news is unlikely to be well received by first-time buyers, who will now need to find shy of an additional £32k on average compared to just last year, there is a clear opportunity for anyone considering selling up.
In fact, it’s estimated that 109,210 residential transactions took place within May 2022 alone, around 1.3% more than the previous month.
According to experts, demand for properties is at an all-time high and is unlikely to slow down over the coming months, despite the fact the current market is struggling to keep up.
However, for property owners considering taking advantage of the ever-increasing housing prices, the problem with unprecedented demand is how do you make sure your property stands out to buyers?
Brandon Hire Station, has spoken to two experts within the property market in order to determine which projects can add value and help attract buyers and which could actually make things worse.
So, what do Quantity Surveyor Daisy Jones of Hewitt Adams and Estate Agent George Clover of Helmores Estate suggest?
Paint Your Front Door Red
Potential sellers should consider their ‘curb appeal’, as many buyers will draw assumptions about a property based on their initial perception, whether that’s in person or from the first photo of the listing. So, it’s always worthwhile giving your front door and windows a little TLC.
And according to George, the best colour to paint your front door in order to stand out to potential buyers; pillar box red!
Prioritise Bathrooms + Kitchens
Both experts agree that bathrooms and kitchens provide the best return on investment when you’re looking for ways to add value to your home and attract potential buyers. According to Checkatrade, adding a downstairs loo can add up to 5% to the value of your property.
For anyone looking to do up their kitchen on a budget, vinyl wrapping is an option that has exploded in recent years due to a number of viral TikToks – although George cautions would-be DIYers that this trend CAN add value but only when done to a professional standard. Daisy, on the other hand, argues for choosing quartz or granite kitchen countertops over vinyl finished versions.
Although both admit, many new buyers will often consider ripping out the old kitchen units entirely.
Space, Space, Space
According to the experts, anything that creates more space, such as an extension or loft conversion, is going to help a property stand out from any others for sale in the same area. And it doesn’t even need to be indoors.
Daisy suggests utilising large garden space by adding a gym or office or even an outdoor dining/kitchen space – all of which have become incredibly popular in the wake of working from home as people re-evaluate their work life balance.
And speaking of WFH culture, if you can afford to lose a spare room to create a dedicated office space not only is doing so likely to add value to your home, but it can help cinch that deal with buyers looking for a property needing minimal revamping.
Forget Fake or Real All That Matter Is Tidy
When it comes to your lawn or gardens, George argues that it doesn’t really matter if you opt for synthetic grass or real; from his experience simply maintaining a clear, clutter-free garden with a tidy lawn is what makes a huge difference.
However, if you have a small outdoor area which doesn’t really warrant the effort of mowing or keeping a lawn mower, synthetic grass will generally appeal to most.
What To Avoid?
- Trends such as Barn Doors and Panelling
- Painted floorboards
- Wallpaper in the bathroom
- Painted ceilings, especially in dark colours
- Bold colours for interior walls
A full breakdown of the experts’ advice, room by room can be found here.