The congested property market, where a significant number of homes are listed between £150,000 and £299,999, is creating a challenge for sellers. However, certain home improvements could be the ticket to pushing your property into a higher price bracket, according to a recent study by GetAgent.co.uk.
Upon examining 796,847 live property listings, GetAgent identified that a considerable 255,309 homes, which is one-third of the total property stock, are priced between £150,000 and £299,999. Specifically, 10.8% of all homes are priced between £150,000 to £199,999, 10.7% between £200,000 and £249,999, and 10.6% between £250,000 to £299,999.
Such clustering indicates sellers within this bracket face fierce competition, especially in a market where buyers currently have the advantage.
However, there is a strategy to break free from this crowded pricing range: increase the value of your home with specific improvements, and enter a price range with reduced competition. For instance, adding a loft conversion or extension can potentially increase a property’s value by nearly £44,000. Other enhancements, such as a garage conversion or the addition of a garden office, can raise the property’s value by almost £30,000 and £22,000 respectively.
Other valuable additions include a conservatory, which can boost a property’s price by £17,000, or a new kitchen (£16,000), utility room (£14,000), or solar panels (£12,000). Even minor changes like home redecoration, new roofing, double glazing, or a bathroom upgrade can impact your property’s asking price, increasing it by amounts ranging from £8,000 to £9,000. Notably, more eco-conscious additions like electric vehicle charging points, or a new boiler can also elevate your home’s value, adding £4,000 to £5,000.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “Those looking to sell their home in current market conditions face a far tougher task than their pandemic predecessors, with fewer buyers fighting it out for available stock.
This means those who have listed their property for sale in the most congested area of the market with regard to price are not only trying to attract a smaller number of buyers, but they are doing so with the most competition from other hopeful sellers.
Of course, those listed in or around the £150,000 mark could consider dropping their asking price so that they fall into the price category below. However, for those who can’t the only way is up if they want to move into a price bracket with less competition.
Unfortunately, while simply raising your asking price will achieve this, your home is unlikely to sell if there’s no added value involved.
The good news is that there are a number of home improvements that can add serious value and while some are extensive, such as a loft conversion, others can be done for a relatively small amount of work and money.
A newly landscaped garden, electric vehicle charging port, new boiler or double glazing could be just the addition you need to break through the £300,000 price threshold, putting your property in front of a host of new buyers in the process.”