How to Increase the Value of Your London Property
While London is home to some of the most valuable properties compared to the rest of the UK, property prices have not been as high as they have been in the past in recent times, which is not good news for those who are considering selling a property in the capital in the near future. Housing reports from last year indicated that prices have decreased in growth ever since they peaked in 2017, although the good news is that they are still well above the typical prices seen during 2008’s financial crash.
If you are looking to make a property sale in the capital in the near future, it’s important to consider ways that you can maximise your value in a market that is currently stalling. The good news is that there are several things that you can do to maximise the worth of your London property and appeal to more prospective buyers. Let’s explore some of the best ways to increase the value of a London home right now.
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Do Sheds Increase Property Value?
For smaller properties, adding a shed to the outdoor space can increase property value by adding additional valuable storage space. If your property has a garden, it’s a good idea to consider adding a secure shed that future owners can use to store items that might lead to clutter if they were indoors. Many Londoners like to get around by way of bicycle due to the busy roads and congestion charges, and a shed provides them with the perfect place to store their bicycle out of the house and sheltered from the elements or potential theft. There are many further uses to a shed aside from storage, however. For example, some people who work from home might find that a well-insulated shed that’s connected to the home’s power supply can double up as an excellent home office.
Does a Nice Garden Increase Property Value?
Investing some money in improving your garden can certainly increase the value of your property in a city like London where personal outdoor space is scarce. A nice garden will not only improve the curb appeal of your home but also attract buyers who are looking for their own outdoor space to enjoy with their family at home. Even a small garden can be improved to boost the value of your property; adding features like outdoor furniture or a hot tub can make it even more desirable.
Does Double Glazing Increase Property Value?
Most properties in London will have double glazing as standard, so if your home doesn’t, getting your windows upgraded can seriously improve the value of your home. Double glazing has many benefits including trapping heat inside the home during the colder months, meaning that less energy is wasted and the property as a whole will be more energy-efficient. Energy-efficiency is one of the biggest factors that new home buyers are looking for today, as they are not only interested in purchasing a house that they like, but also one that is going to help them save money over time and be kinder to the planet.
Will New Windows Increase Property Value?
In some cases, your windows might need to be completely replaced rather than simply adding secondary glazing. For older properties with old timber windows, installing new windows can certainly play a huge part in boosting the asking price when it comes to selling your home. Aside from the fact that new windows can be double- or triple-glazed to ensure a more energy-efficient property, you can also add larger new windows in order to add more natural light into your property. Many prospective home buyers are looking for homes that have a lot of natural light since this is not only better for your health but can also help homeowners save money over time due to a reduced need to use electricity to light the property artificially.
Does Underfloor Heating Increase Property Value?
Many buyers in London are looking for a luxury home, and one feature you can add to your property that seriously screams luxury is underfloor heating. Underfloor heating is a luxurious addition to a property that will instantly attract people who have money to spend and are willing to invest more in a property that offers this appealing feature. And, underfloor heating works best with flooring solutions that conduct heat well such as tiles, stone, and laminate, all of which are very desirable flooring that make the inside of your home look great and can last for a long time. Aside from the underfloor heating feature itself, the changes that you will make to your property in order for it to function at its best can also add value to your home. In addition, a professional underfloor heating installation company can advise you on the most energy-efficient solution for your property, allowing you to sell a property that will help your future buyers save money on their bills over time.
Do Shared Ownership Properties Increase in Value?
Shared ownership properties have become an ideal solution for people who struggle to afford to get on the property ladder, offering the option to purchase a percentage of the home at a time, leading to a lower deposit and mortgage rate. However, shared ownership properties can increase in value over time, particularly if improvements are made, meaning that purchasing additional shares in the home in the future could be costlier.
How Much Does Property Value Increase Each Year?
In the last decade, London has seen the highest level of house price growth in the UK, with the average property value in the capital rising by over 70% at a rate of over double the UK property price growth of just under 34%. However, the capital city has seen a significant slowdown in recent times with many areas of London seeing house prices on a downward trajectory once again. While these falls are not particularly large, estate agents in London suggest that homes are now selling for around 5-10% less compared to the prices that they fetched just four and five years ago.
From January 2010 to the end of 2019, the average house price in the UK increased by just over £47,000. By November 2019, the average house price had gone up from just over £163,000 to almost £216,000, suggesting a rate of growth of just under £4,000 per year in the average property value. But while the past decade has seen a variety of changes in the property market including this increase, the past year has seen the rate of increase slow down to 1.4%, according to data from Nationwide. The steep incline in property prices is just one of the main obstacles faced by first-time buyers in London, however, government schemes such as the Help to Buy ISA, the Lifetime ISA, and shared ownership schemes in the capital have been introduced in the past few years to make it easier for first-time buyers to get their foot on the property ladder.
Cheap Ways to Increase Property Value:
Not every homeowner in London has a lot of money to spend on improving the value of their home, but the good news is that there are several budget-friendly things that you can do to increase your property’s asking price and attract more buyers. Some simple and cheap ways to make your home more attractive to buyers who have money to spend include:
1. Decorating:
It can be surprising just how much a fresh lick of paint can improve the value and the interest in a home. If your home is valued looking shabby and worn-down, it’s likely to be priced lower compared to a home that is freshly decorated with everything in good repair. Take some time to go through your home before getting a valuation and fix anything that needs repairing, then decorate it in neutral colours. This will not only make your home appear newer but also more appealing to potential buyers who will find it easier to imagine themselves living there.
2. Curb Appeal:
The first impression that both property valuers and prospective buyers get of your home is going to play an important part. So, spend some time making sure that your front door and any outside space that you have around your home look great. Repainting your front door and adding some colourful hanging baskets can make a world of difference.
3. Create Parking Space:
Particularly in London, having somewhere to park a car can be a very valuable asset that can improve the value of your home and spark interest from buyers. It might be worth investing in having the council drop the kerb outside your home if you have enough front garden space to create a driveway.
4. Storage Space:
As a very densely populated city, it’s no surprise that many of the homes in London are small, and if yours is no different, consider adding some smart storage solutions that will appeal to prospective buyers. Built-in wardrobes and handy storage cupboards can go a long way when it comes to increasing appeal.
Property prices in London may not be as high as they were a few years ago, but there are several things that you can do to improve your home’s asking price and get the attention of buyers.
