How to Plan Your Moving Day

In this month's edition, we discuss what the average difference between asking and selling prices is and the top ten terms that buyers use when searching for a property have been revealed.

Also this month, we settle the debate around which home improvement is the most profitable and we share some top tips for planning your moving day.

What is the Average Difference Between Asking and Selling Prices?

When selling your home, deciding on the right asking price is vital for generating a good amount of interest in your property. Obviously, you want to get the most out of your home, but it’s important that you don’t price yourself out of the market.

But how does the average UK asking price compare to the average selling price? Well, new research has sought to find this out…

According to a report from Emoov, there’s quite a large gap between these two figures, with the average UK asking price currently standing at £414,359, whilst the selling price stands at £226,906 – a surprising 45% difference.

Although this is a shocking statistic at first glance, it does not mean that every homeowner looking to make a sale needs to chop their price by almost half to attract a buyer.

Emoov’s report discovered that Scotland had the smallest gap between asking and selling price, showing a 16% difference as vendors were asking for an average of £186,371 and homes sold for £156,495.

England was top of the table with the largest gap, as homes were being listed for £323,336 but selling for an average of £243,639, a considerable difference of 25%.

In terms of individual regions, cities and towns, it was South Gloucestershire that saw the greatest difference, with homes selling for 43% less (£267,397) than the average asking price in the area (£470,117).

Inverclyde followed closely behind, with a 41% gap, and East Ayrshire recording the 3rd largest gap of 31% and an average sold price of £93,053.

Although most areas show similar statistics, there are a few locations that boast an increase on the asking price. East Riding of Yorkshire saw a 3% increase on their average £170,981 asking price, Nottingham was up by 2%, and the Orkney Islands and North Somerset both saw a 1% rise.

If you’re looking to make a move and considering selling your home, why not speak to us? We can provide you with an accurate and up-to-date valuation, and our knowledge of the local area can help you price your home appropriately, ensuring that you achieve the highest price possible.

The Top Ten Search Terms From Property Buyers

 

When searching for a home, it’s likely you’ll have a list of features and non-negotiables that will help you narrow down your search.

A new study from Zoopla looked into the most common search terms from prospective buyers, revealing a list of the top ten features that buyers are looking for.

The results of this research found that the most popular search was for ‘Detached’ properties, suggesting that the ideal scenario for most buyers is privacy and not having to worry about upsetting their neighbours.

Coming in second would be searches for homes with a ‘Garage’, which isn’t a huge surprise as it offers a little extra security for your car, but at the same time, provides plenty of additional storage space.

‘Bungalow’ takes the third spot, as they come with added convenience for buyers in their later years and provide the opportunity for some to make a profit from downsizing.

In fourth place would be ‘Parking’, which many will assume should have ranked higher, as having somewhere to keep the car off the street is a must for a lot of buyers.

Just making it into Zoopla’s top five was the search word ‘Annex’. Whilst there are plenty of benefits to owning a home with a separate space for family, or the opportunity to let out, it will be surprising to some to see it rank so highly.

One word that isn’t a surprise to see amongst the most common searches would be ‘Garden’, as reports last year found that almost half of prospective buyers wouldn’t even consider a home without one.

At number seven was ‘Freehold’, showing that while many would be happy to just be on the property ladder at all, owning the land outright is clearly the preferred choice.

Rounding out the list, Zoopla found a range of similar terms, i.e. with ‘Cottage’, ‘Acres’ and ‘Rural’ coming in at eight, ninth and tenth, suggesting that buyers are on the hunt for a cottage in the countryside with plenty of land.

Revealed: Most Profitable Home Improvements

 

 If you’re a homeowner, then there is a strong chance that you’ve mulled over your options regarding any renovations and/or improvements that you could make to your home and researched just how much they might cost.

Whilst it’s likely you’ll assume that these improvements would always add to a property's value, not all changes are as profitable as you may think, and some renovations could even negatively impact your home’s price tag.

Measuring against the average property value in the UK (£225,621), GoCompare Home Insurance set out to discover the average cost of some of the most common home improvements and how they could affect a home’s value once completed.

According to their research, the most profitable upgrade to a home is installing a brand-new boiler. Although this may set you back by £1,995, it is estimated that this could increase the home's value by £9,024, which is a huge profit of £7,029.

Costing a considerable amount more but adding the same amount to a home's value is central heating. Installing a new system will add £9,024 to the property’s price tag, but it will cost you approximately £4,250.

In third place for most profitable improvements, knocking through rooms was found to cost an average of £1,750, and lead to an increase in value by £4,512.

Surprisingly, installing solar panels was shown to have the largest negative impact on a home's value. Costing energy-conscious homeowners an average of £5,000 whilst knocking £4,512 off the overall property value. Whilst you may recoup some of these losses in the savings on your power bills, it seems that not everyone is a fan.

Henry Pryor, a property buyer who conducted the research, offered his advice on the best way to approach improving your home, “Most buyers prefer to pay for the opportunity to be able to add an attic conversion, kitchen extension or convert a basement. Getting planning permission to do the work is frequently the best investment you can make leaving the actual choice of layout, decoration and equipment to the next owner.”

“Improving the green credentials of a house usually pays, such as a new boiler, insulation or energy saving measures along with security improvements will usually pay off but some additions like solar panels will be hard to get a payback on immediately”.

Planning Your Moving Day

 

 

Moving day doesn’t just happen magically! It can take months of planning and hard work for the day to go off without a hitch. Are you unsure of where to start? Take a look at our handy guide for moving home.

First, don’t forget about moving day!
Moving day should never be an afterthought. With mortgage payments, new insurance policies, estate and solicitor’s fees, it’s important that you don’t forget to incorporate the cost of moving day into your budget.

Prepare for the move
A month before your moving day, you should start shopping around for quotes from removal companies. You should also ensure the removal companies have insurance for furniture in transit, which will protect your personal items should they be damaged during the move. It’s also worth obtaining a cancellation policy in case the date for moving is suddenly changed at the last minute.

Declutter
This is a task that you can perform while you are still looking for a home. It's important that you get the whole family thinking about what they want to keep and what they would like to donate or throw away.

Then perform an inventory of what’s left
Be as organised as possible when packing up your possessions. Perform a full inventory of all the furniture and possessions that you plan to bring with you and tick them off the list as they’re packed.

Once you have all the boxes ready for the move, it’s a good idea to colour-code them so that you know which room in the new house they belong too.

Make sure the pets and kids are safe
With heavy boxes, moving vans and constantly open front doors, your children and pets are an additional stress that you don’t need.

If you have pets, we would advise that you send them to stay with friends, family or even a pet day-care whilst you move to your new home.

If you have young children, we would advise you also send them to stay with family, however, if they’re pre-teen or teenagers there’s nothing wrong with roping them into the move. An extra pair of hands will only help to get the job done quicker.

Sort out your new bills
You don’t want to spend the first few weeks in your new home sorting out the utilities! Make sure you set up your Direct Debits as far in advance as possible and take the time to do a little shopping around for the best possible deal.