'Cost-effective tricks' to boost your property's value and make it 'more attractive' to potential buyers
Even the most affordable adjustments can be financially rewarding
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Britons looking to sell their home could fetch a higher price with a few cost-effective improvements.
Sometimes, even the most affordable adjustments can be financially rewarding, according to experts.
Property solicitors at Jones Whyte propose three improvements to catch the eye of potential buyers.
They say home staging, adding storage, and incorporating energy-efficient systems to boost the value of your property.
Home staging and adding storage space to your home could boost its value
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Nick Hay, partner at Jones Whyte, commented: “Improving your property value doesn’t necessarily require a large budget.
“By focussing on the cost-effective tips and tricks, you can make your home more attractive to potential buyers and potentially sell it for a higher price.”
It comes as Halifax's latest house price index shows house prices rose by 0.8 per cent in July following three relatively flat months, suggesting the housing market may finally be bouncing back.
The last House Price Index found prices increased over July, rising by 0.8 per cent on a monthly basis and 2.3 per cent on an annual basis.
The average UK home costs £291,268, marking an increase of over £2,200 compared to the previous months.
Halifax head of mortgages, Amanda Bryden, said: “Last week’s Bank of England’s base cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home, or move along the housing ladder.
“However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.
“Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.”
Last week, lenders like Halifax, Natwest, and Santander, cut interest rates by up to 0.20 per cent.
Nationwide, the biggest lender in the UK is now offering a sub-4 per cent deal for some new buyers.
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Sam Mitchell, the chief executive of Purplebricks, said: “The growing confidence we’ve seen take hold of the housing market in recent weeks has been supercharged by the BoE’s interest rate cut.
“With lenders already slashing mortgage rates in response to last week’s decision, buyers are beginning to move ahead with purchasing decisions they have been putting off for months.”
Amy Reynolds, head of sales at the estate agency Antony Roberts in Richmond, London, added: “With an unexpectedly busy start to August in our offices, the long-awaited cut in interest rates and removal of any election uncertainty has clearly gone down very well with prospective buyers and sellers.
“However, buyers need to be careful what they wish for as cheaper mortgages will almost certainly mean higher asking prices.”
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