At Hunters Stoke Newington, we are committed to helping you make informed decisions in the housing market. The stamp duty holiday has encouraged considerable activity in the market, especially here in London.
If you plan on selling your home in the near future, we can help. Contact us to arrange a property valuation, and we’ll be more than happy to help you connect with likely buyers.
Many homeowners have changed their house this year
From figures provided by Dataloft, it appears as though builders have been busy this year. There was a spell during lockdown when professionals whose job required them to enter and exit people’s houses all day, every day, held genuine concerns about their work.
However, it appears as though builders have experienced a boomtime in 2020.
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.
Whether people have been carrying out home improvement work themselves, or calling on experts, homes are changing.
Homeowners should consider adding value to their house
Information provided by Dataloft suggests 23% of home improvements are carried out with the intention of adding value to the property.
With many industry experts predicting uncertainty in the housing market and for house prices next year, it makes sense for many homeowners to be proactive in maintaining or boosting the value of their home.
You don’t need to be in the process of selling your home to benefit from adding value. Creating more space, and improving the appearance or functionality of your home will make a difference when it comes
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
They also state the importance of avoiding personalisation.
What changes are people making in 2020?
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
We expect the new need for home office space has promoted much of the work in this aera.
Buyers are looking for homes with a dedicated workspace, but prospective buyers are also looking to create space to work. Remote working is likely to be a common feature of everyday life, and it makes sense homeowners are proactive in developing their property in this manner.
In the long-term, these changes will make a house more appealing to buyers. However, the initial impetus for this work is certainly driven by the need of the current homeowner.
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.