The UK real estate market continues to experience soaring property prices, with more buyers than available properties pushing up demand further. If you’re thinking of putting your home on the market, then now might be a good time to invest in your property to ensure it’s an attractive prospect for buyers or tenants in the future. In this article, we’ll look at some of the ways you can raise the value of your property.
What is happening with the UK housing market?
The UK House Price Index (HPI) shows that in May 2022, the average property price in the UK was £283,496, a 1.2% rise since the previous month and a staggering 12.8% rise compared to May 2021.
Several factors have contributed to rising housing prices, including global events such as the Covid-19 pandemic, and the temporary Stamp Duty holiday the UK government introduced in July 2020.
There are predictions that the market may slow towards the end of 2022 and into 2023, and that the cost of living crisis might impact affordability and the number of people able to get approved for a mortgage.
5 ways to increase your property’s value
Regardless of what happens to house prices on a national scale, investing in your property is always a sensible idea and there are many ways you can do this. Here are just five creative ways to increase the value of your property and make it attractive to buyers.
Extend your home
If you have the space outside your property to build an extension, then increasing the size of your home is one way to attract more buyers and a higher asking price. Before deciding whether to extend, you’ll want to ensure that you can get planning permission and consider the costs. Obtaining the right funding for your property renovations is key to the success of your project.
Convert to add living space
Converting unused or ‘storage’ areas in the property into living space is another way to add value. Whether you have a loft space you could convert or a cellar, basement or garage, creating additional living areas or an extra bedroom can be attractive to homebuyers or renters looking for extra space.
Upgrade the bathroom
A fresh bathroom appeals to buyers looking to move in right away and can add to the overall value of your home. You could also consider adding a second bathroom in the form of an en-suite or downstairs WC. If the bathroom is currently downstairs, this can put many buyers off so consider moving this upstairs if you have the space.
Growing awareness about the climate change crisis means that many people are looking for more green ways to heat and power their homes. Investing in eco-friendly improvements, like heat pumps, solar panels and insulation will appeal to ethically minded buyers and also reassure them that the property will be economical to heat.
Increase its kerb appeal
It may be what’s on the inside that counts but first, you need to get potential buyers inside! To do that, you need the outside of your property to look as inviting as possible. Pay attention to front gardens, yards, and driveways. Fix leaky guttering and cracked pipes and ensure that your property’s windows are up to scratch and sparkling clean. Oh and don’t forget the all-important front door. First impressions count!