At Hunters Forest Hill, we stay in touch with what is happening in the housing market.
While a lot of homeowners’ plan on moving quickly because of the stamp duty holiday, a lot of property owners are making longer-term plans. It appears as though building work and home improvements is a priority for many homeowners right now.
Builders are busy in the UK
Builders have said their have experienced a 47% increase in their workload over the summer of 2020. Also, there has been an increase of 20% for online planning applications.
Given the level of home improvement projects people started during the lockdown period, it shouldn’t be a surprise that these figures have risen sharply.
Homeowners need to add value to their home
Information provided by Dataloft suggests 23% of home improvements are carried out with the intention of adding value to the property.
While there is considerable activity in the housing market right now, it is true to say some people, and industry specialists, have concerns about house prices in the future.
Therefore, it makes sense for homeowners to make changes which add value to their home. In doing so, a home becomes more appealing to suitable buyers, and will hopefully receive higher offers when placed on the housing market.
If you plan on selling your Forest Hill home, contact us to arrange a property valuation. When you enter the housing market with a realistic valuation, you enter the market with confidence.
A realistic valuation helps you engage likely buyers, and you can develop the plans for your next move.
More money is being spent on home improvements
It is believed the average figure spent on property improvements in recent years has been £48 billion. It is expected the 2020 figure will be considerably higher.
The NAEA have listed the top nine home improvements which increase the value of a home as:
1. Redecorating the property
2. Undertaking a kitchen makeover
3. Adding to or updating the bathrooms in the property
4. Making the garden more appealing
5. Installing or upgrading the double glazing at the property
6. Making an open plan space
7. Adding new doors to the home
8. Converting unused or underused loft space
9. Adding a driveway to the property
NAEA also list the importance of avoiding too much personalisation when making changes at home.
The top five most common home improvement projects during 2020, according to a recent study, are:
· House extensions, cited by 74% of respondents
· Porches, said by 9% of respondents
· Loft conversions, listed by 7% of respondents
· Conservatories, also said by 7% of respondents
· Out-buildings, named by 3% of respondents
It is fair to say many of these improvements have been influenced by the rising need for home office space. With remote working an increasingly common feature, people need a dedicated workspace. Having a space that is solely for work allows people to create a better work-life balance.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.