"There are a number of home improvements that can add serious value and while some are extensive, such as a loft conversion, others can be done for a relatively small amount of work and money"
- Colby Short - GetAgent
Estate agent comparison site, GetAgent.co.uk has looked at which areas of the market are the most congested when it comes to current stock availability and which home improvements will add enough value to help sellers bust their way out and into a higher price bracket.
An analysis was made of the current market for sale stock, looking at what percentage of this stock fell into each price bracket and, as a result, what price thresholds the nation’s sellers may find it hardest to stand out in.
The research analysed some 796,847 current property listings and found that the majority of homes listed fall within the £150,000 to £299,999 price range.
There are some 86,100 homes listed at an asking price of between £150,000 to £199,999, accounting for 10.8% of all stock listed for sale on the market today.
There are a further 85,029 homes listed with an asking price between £200,000 and £249,999, accounting for a further 10.7% of total homes up for sale.
An additional 84,180 current homes listed for sale are priced between £250,000 to £299,999, accounting for 10.6% of all listings.
This means that 255,309 homes currently on the market fall within the price range of £150,000 to £299,999, a third of all property market stock.
This means that those listing their home within this price range are facing a considerable amount of competition from other sellers and, what’s more, they are doing so in cooler market conditions where the buyer has the upper hand.
So what can they do about it?
By adding value to their home, they can make the jump from the congested middle market and into a higher price bracket, not only attracting a fresh set of eyes on their property listing but also increasing their property appeal amongst a new set of potential buyers.
Depending on how much more value you need to add to make the jump across the £300,000 price threshold, there are a range of home improvements that add varying degrees of value.
A loft conversion or extension can boost your property’s asking price by almost £44,000 on average, a garage conversion can add almost £30,000, or a garden office can bring a boost of £22,000.
A conservatory (£17,000), new kitchen (£16,000), utility room (£14,000) or solar panels (£12,000) can also bring about a five-digit asking price increase.
Redecorating your home (£9,000), a new roof (£9,000), double glazing (£9,000) or a new bathroom (£8,000) can also make a big difference to your asking price, while a new boiler, electric vehicle charging point or newly landscaped garden can also add between £4,000 to £5,000 per an addition.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
“Those looking to sell their home in current market conditions face a far tougher task than their pandemic predecessors, with fewer buyers fighting it out for available stock.
"This means those who have listed their property for sale in the most congested area of the market with regard to price are not only trying to attract a smaller number of buyers, but they are doing so with the most competition from other hopeful sellers.
"Of course, those listed in or around the £150,000 mark could consider dropping their asking price so that they fall into the price category below. However, for those who can’t, the only way is up if they want to move into a price bracket with less competition.
"Unfortunately, while simply raising your asking price will achieve this, your home is unlikely to sell if there’s no added value involved.
"The good news is that there are a number of home improvements that can add serious value and while some are extensive, such as a loft conversion, others can be done for a relatively small amount of work and money.
"A newly landscaped garden, electric vehicle charging port, new boiler or double glazing could be just the addition you need to break through the £300,000 price threshold, putting your property in front of a host of new buyers in the process.”
