One of the things that buyers must think about when purchasing a property is whether it will retain, or even increase, its value in the future. For some, this means relying on the steady rise of property prices over time, whilst others look for a bargain which needs some renovation work, and the appeal of an ‘up and coming’ area can tempt those with an eye for quick profit.
Whilst location and the will to fix up a property to get a profit are significant reasons why people feel they will make a profit on their property, the majority of buyers still rely on the increase in house prices and getting the best price possible for their house in order to make sure they see a return on their investment.
The latest data on property prices* show that whilst the North East still has the lowest property prices in any region of England, prices are on the increase. The average price of property in the North East in January 2016 was £124,000, up from £121,000 in the same month in 2016 and £117,000 in 2015.
It seems that sellers buoyed by these rising figures, with the number of properties on the market in all regions of the UK experiencing a surge as the weather gets warmer. Whilst this is undoubtedly connected to the idea of spring cleaning and ‘out with the old, in with the new’, the market is bullish at the moment, which can only be good news for sellers, who will see a profit on their property, and buyers who will benefit from a greater choice.
The number of properties on the market means that sellers have to ensure that their property is attractive to buyers in order to get the best price for it. Rather than just baking bread or brewing fresh coffee the day a potential buyers pop round, sellers should give your house some TLC before you put it on the market. This includes ensuring any problems, such as damp, are dealt with and you make and minor repairs that are required. It is a lot easier to get closer to the asking price if the buyer doesn’t foresee any major repairs in the near future.
It is also important to consider the impact of cosmetic improvements when it comes to increasing the value of the property. Many property blogs encourage sellers to apply a fresh coat of paint, in a neutral shade and boxing up any clutter that might get in the way. This will all work towards making the space look bigger, airier and, above all, more desirable. Remember, buyers need to imagine themselves living in the home, and a huge blank canvas is easier for them to work with than the colour and accessory choices of the previous owner.
Although there has been some financial uncertainty in the country around Brexit, this does not appear to be impacting the market in a negative way. Indeed, with the house prices being higher now than they have been since the financial crisis of 2008, this could be the perfect time to sell for a profit. Just remember that it’s a buyer’s market, so make sure that your house stands out among the rest.
Please note: This article is intended as guidance only. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm.
*Figures from Office for National Statistics House Price Index Bulletin