UK homeowners: renovation and decoration ups price of home

UK homeowners: renovation and decoration ups price of home

An overwhelming majority of UK homeowners think their house value has increased since they bought it by an average of £33,125, a research has found.

The study by Co-Op Insurance found that 91% thought the price of their home has gone up, with renovations and decorations accounting for £14,900 increase in a property’s value.

Property Investment Q&A #5: How to Spot an Up and Coming Property Hotspot?

Furthermore, it revealed that 31% of homeowners bought their property with their eye set on how much money they could make from their investment.

A total of 62% of homeowners solely relied on an increase in house prices in general to make a profit with their property.

Another key deciding factor was location, as 34% chose to buy in an already desirable area and another 32% did some more research before buying in an area dubbed as “up and coming”.

Making changes to the property was a common theme as 76% stated they had made changes to their property since moving in. And 60% of them believe the renovations they’ve made led to an increase in value.

London’s homeowners have seen the biggest average rise in profits thanks to renovations and decorative work with a total of 94% believing their property has increased in value by £21,499.

For homeowners who are looking to sell and want to up their property game a bit in the lead-up, kitchens are a great place to start renovations as 56% believe this is the room that really sells a house. This is followed by the living room as the second most important room and bathroom in third spot.

“Our study shows that homeowners believe by investing in décor and bigger renovation works they are adding value to their homes for future years.”

“Kitchens have long been lauded as the heart of the home and our study continues to solidify this, with over half of homeowners believing that this is the room of the house that could make, or break, a sale,” she pointed out.

The UK property market’s current state: An overview

“Whilst they are a big draw for prospective buyers, they can be expensive, therefore it’s important to revisit your home insurance policy to ensure you have the right level of cover in place during the building works, to protect you from additional risks during the work. Don’t assume your builder will have insurance in place that covers you in every eventuality,” she added.

Another research, however, also revealed that one in five have made a change to their home they later regretted and another 29% are too scared to make changes in case it was the wrong decision.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT