Homeowners can add ‘serious value’ to their property with renovations

New research by estate agent comparison site, GetAgent.co.uk, has shared which areas of the market are the most congested when it comes to current stock availability and the specific home improvements which could add enough value to help sellers boost their homes into a higher price bracket.

The estate agent comparison site analysed the current market for sale stock and looked at what percentage of this stock fell into each house price bracket.

The research found what price thresholds sellers may find it hardest to stand out in.

There are a whopping 796,847 current property listings in the UK that GetAgent analysed and they found that the majority of homes listed fall within the £150,000 to £299,999 price range.

The exact breakdown revealed that there are 86,100 homes listed at an asking price of between £150,000 to £199,999 which accounts for 10.8 percent of all stock listed for sale.

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Meanwhile, there are a further 85,029 homes listed with an asking price between £200,000 and £249,999 which accounts for a further 10.7 percent of homes on the market.

An additional 84,180 homes listed for sale are priced between £250,000 to £299,999, accounting for 10.6 percent of all listings.

And there are 255,309 homes currently on the market within the price range of £150,000 to £299,999 which is a third of all the stock currently on the property market.

It’s not surprising then that those listing their homes within this price bracket are facing considerable competition from sellers

Luckily, there are ways sellers and homeowners can boost the value of their home so it can make the jump into a higher price bracket.

Increasing your property’s value could attract a fresh set of eyes to the property listing and make it more appealing to a new set of potential buyers.

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To boost a property’s value and make the jump across the £300,000 price threshold, there are a range of home improvements homeowners can embark on.

While quite involved, loft conversions or extensions can boost a property’s asking price by almost £44,000 on average while a garage conversion can add almost £30,000, and a garden office can boost a home’s value by £22,000.

Other home improvements that boost property value include a conservatory (£17,000), a new kitchen (£16,000), a utility room (£14,000) and solar panels (£12,000) can also bring about a five-digit asking price increase.

Redecorating your home (£9,000), a new roof (£9,000), double glazing (£9,000) or a new bathroom (£8,000) can also make a big difference to a property’s asking price.

Meanwhile a new boiler, electric vehicle charging point or newly landscaped garden can also add between £4,000 to £5,000 per an addition.

Co-founder and CEO of GetAgent.co.uk, Colby Short, said: “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.”

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