With a property market of 29 million homes worth over £10.7 trillion*, you might be wondering how much your home is worth and, if you’re thinking about selling, what it means to sell in the current market.
A recent Zoopla analysis reported that house values increased by £49 per day during the pandemic. Over recent months, this growth has slowed, helping lead to a correction in house prices, as the last few years saw greater than normal growth in property values.
Of course, these are just averages and don’t paint the full picture. So, to get a better understanding, let’s consider the regional variations, as well as differences in property types.
What types of properties are currently selling the best?
Over the pandemic, we witnessed a “race for space”, as many buyers focussed on having more room, which drove up the property value of larger homes. This overall trend is now reversing, in part because many people are moving back into cities, but also due to increasing costs. Therefore, as smaller houses and flats become more popular with buyers, the demand for bigger properties cools and with that, their value decreases.* In early 2023, we already saw an increase in buyer demand for terraced and semi-detached houses, with Zoopla reporting that all regions across the UK showed increased demands for flats, terraced or semi-detached houses.** New builds are also currently in demand, with Halifax reporting a 1.9% annual increase in property prices.***
However, although smaller properties may currently be leading the overall trend, it's important to remember that there will always be buyers looking to upsize and buy bigger homes.
What else are buyers looking for?
There’s no point in beating around the bush, every buyer is always looking for a good price. For this reason, it’s important to price your property correctly from the outset to ensure you create enough demand and attract the right buyers. Speak with your local expert to know how to correctly price your property.
Not only do buyers need to find a property that suits their budget, many are also looking for properties with a higher energy efficiency rating – whether they're buyers or renters.^ Higher energy prices and UK-wide regulations to move towards net-zero have been the drivers of this growing demand for more energy-efficient homes. Finding ways to make your property more energy efficient, or even highlighting what changes can be made to increase its EPC rating, can make a property more enticing to a buyer.
Last, but certainly not least, properties with no onward chain, such as newly built homes, can often be more attractive to buyers, as they don’t need to worry about how other people’s plans may affect their property purchase and there is no need to complete any property repairs.
If you’re serious about selling and wondering how this may be affecting your properties value, talk to one of our local experts.
