The UK housing market is known to be one of the most complex and competitive in the world, with many different factors that can influence house prices. If you are thinking of selling your home in Bromley, you will be pleased to hear that the average asking price of a home nationwide reached a record high of £372,894 in May. This marks an increase of £6,647 or 1.8% month-on-month, the biggest of the year so far. As Stephen McCarron from the National Association of Estate Agents (NAEA) points out, "the golden rule is that a house or flat is only worth what a buyer is willing to pay." That said, there are still a number of factors that sellers can consider in order to attract the right buyers and achieve the best possible price.
Rightmove’s House Price Index
“This month’s strong jump in new seller asking prices looks like a belated reaction and a sign of increasing confidence from sellers, as we’d usually see such a big monthly increase earlier in the spring season. One reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely. What is much more likely is that the market will continue to transition to a more normal activity level this year following the exceptional activity of the pandemic years. Steadying mortgage rates and a generally more positive outlook for the economy are also contributing to more seller confidence, though there are likely to be more twists and turns to come. The market is still very price sensitive and it is important that new sellers do not damage their prospects of a sale by overpricing initially and reducing later, with agents reporting that it’s the realistically priced new instructions that are selling best.”
Tim Bannister, Rightmove’s Director of Property Science
What exactly influences the price of a property?
There are many factors that influence the price of a property, including size, condition and, of course, location. Homes in desirable areas, such as those close to good schools or transportation links, tend to command higher prices than those in less desirable areas. Another important factor is the size of the property, with larger homes generally costing more than smaller ones. Other key considerations include the age and condition of the property, any unique characteristics and,for those who love a period property, original features.
Market conditions can also play a significant role in determining the value of a property. If there is high demand for homes and a shortage of supply, prices are likely to rise, whereas a downturn in the economy or an oversupply of properties can lead to falling prices. But it is worth remembering that the true value of your home is what a buyer is willing to pay for it and what you would be willing to accept. By working with a reputable local estate agent, you can get a more accurate picture of the value of your home and ensure you make informed decisions.
How to boost the value of your home
While there's no one-size-fits-all approach to increasing the value of your home, it is essential to carefully consider all improvements to make sure they make financial sense.
Whether you're looking to sell in the near future or just want to boost your equity, here are some tips to consider:
1. Renovate: making updates to your home, whether it's a full-scale renovation or just some cosmetic touch-ups, can help increase its value. Popular projects include adding an extension, updating the kitchen or bathrooms, and creating additional living space.
2. Landscaping: a well-maintained garden or yard can make a big difference to the value of your home. Simple things like trimming the hedges, mowing the lawn, and planting some flowers can go a long way.
3. Energy efficiency: homebuyers are increasingly looking for energy-efficient homes, so making changes to improve your home's energy efficiency can be a smart move. This might include upgrading to double-glazed windows, installing insulation, or adding solar panels.
4. Focus on kerb appeal: first impressions matter, so make sure your home's exterior is looking its best. Repainting the front door, adding some potted plants, and fixing any cracks or damage can all help boost curb appeal.
5. It’s the simple things: don't underestimate the power of a clean and clutter-free home. A clean, tidy, and well-organised home can feel more spacious and inviting, which can, in turn, increase its value.
Remember, making changes to your home isn't just about boosting its value – it can also make it a more comfortable and enjoyable place to live.
Regional variations
As with all property trends there are regional variations. We are always available to discuss what is happening in Bromley and how it may affect your future sale or purchase. To find our more, contact our team today on 020 8467 8304