"It plays a vital role in running our homes and not only will a brand new boiler help put any worries at rest, but it will also help ensure that running costs are kept to a minimum"
- Tyrone Ekrem - Fair Fix
New research from Fair Fix, analysed current demand for homes listed with the benefit of a recent boiler replacement and how buyer appetite for such properties compared to those without a new boiler. Fair Fix then looked at the current price being commanded by homes boasting a new boiler versus those without and what this house price premium equated to after taking installation costs into consideration.
The boiler is the heart of our home, helping to keep us warm and our hot water running. It’s one of the fundamental features that are important to buyers particularly at this time of year when the temperature starts to drop.
The research by Fair Fix looked at buyer demand for homes listed with new boilers across 10 major UK cities, based on the proportion of current for-sale stock that had already gone under offer or sold subject to contract.
The results show that, on average, 54% of all homes listed with a new boiler have already sold, even in current cooling market conditions. This is some 14% higher versus homes without a new boiler, of which just 40% have already found a buyer.
In fact, every city analysed by Fair Fix was home to a higher level of buyer demand for homes with new boilers and nowhere more so than in Newcastle, where 78% had already sold versus just 45% of homes without a new boiler.
But it’s not just buyer appeal that a new boiler can help boost. Fair Fix also analysed the asking price of both homes listed with and without a new boiler.
The research shows that those listed with a new boiler command an asking price of £285,969 on average, 1.7% more than those without. While this may not sound significant, it equates to an asking price increase of almost £5,000.
With the price of a new boiler coming in at £2,813 including installation costs, that’s a house price boost of almost £2,000.
Leeds is the most worthwhile city when it comes to a boiler upgrade. Homes listed with a new boiler command 4.7% more than those without in the current market - a price increase of £12,300. That’s added value to the tune of £9,487 once you’ve accounted for supply and installation costs.
A new boiler could also help boost your asking price potential by more than £3,000 in Birmingham (+£3,647), London (£3,626) and Bradford (+£3,401).
Founder of Fair Fix, Tye Ekrem, commented: “Home sellers are always looking for ways to stand out from the crowd and add value to their home, particularly in current market conditions where buyer demand levels have dropped.
"However, the best thing you can do is to concentrate on the fundamentals. The boiler is certainly one such feature that may not be particularly exciting but will help add value in the eyes of potential buyers.
"It plays a vital role in running our homes and not only will a brand new boiler help put any worries at rest, but it will also help ensure that running costs are kept to a minimum - something that remains particularly important in the current economic climate.”