There are so many market experts, property websites, estate agencies, mortgage lenders, banks and government websites that publish data regarding property prices in the UK. But, not every website and estate agency and mortgage lender will have the exact same data. So, how do the market experts understand house price calculation and how does this data come together to give us an overall picture of the housing market in the UK?
Every month, market experts, property professionals, banks and mortgage lenders as well as the UK government publish data online regarding what is going on in the housing market. Reports from Halifax, Nationwide, Rightmove, HomeTrack, and Royal Institution for Chartered Surveyors are published online as well as the Registry UK House Price Index Report. Using this, the House Price Watch Index is calculated, which is an average of the annual house price indices and monthly house price indices in the UK. These indexes and house price indices are then used to understand house price calculation, current market trends, predicted house price trends and house price growth and these are also used to calculate the value of property. Based on these reports and the extracted data, estate agents in York, property valuators in Leeds, house inspectors in Manchester and property investors in London and other such experts all across England can understand the UK housing market better.
While the monthly market reports and price indices will give us a fair idea of the average price of property in an area as well as the UK national average, figuring out the value of a home is quite different. Many factors can add to the value of a home such as the location, the size, the age, the number of bedrooms and bathrooms, the connectivity and so on. If you have been thinking about selling your home in the UK, here are some proven tips that will add to the value of your home.
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Add private outdoor space
Private outdoor space is highly in demand, by potential buyers and potential renters alike. Since the Covid-19 pandemic, more homeowners, buyers, investors and renters are looking to move into places with more outdoor space. Many market experts call this the race for green space. You can boost the value of your home by adding to your front garden or backyard, creating a terrace garden or even with additional balconies and patios.
Work on DIY home improvement projects
There are so many affordable DIY home improvement projects that you can take on to add to the value of your home. For one, paint the interiors and the exteriors. Fix loose tiles, replace broken tiles, repair leaky taps and shower heads, fix cracks in the ceilings, replace broken windows, change faulty knobs and latches and get rid of any mould in the bathrooms and kitchen. It’s that simple.
Make a home office
Home offices are also highly in demand, especially since people have started working from home due to the after-effects of the pandemic. Market experts claim that adding a small home office in your garden can actually increase the value of your property by £5,000 to £20,000.
Convert the loft
A loft conversion is not very expensive, but it can add a whole lot of value to the current price of your home. On average, a loft conversion can cost around £500 per square metre; the loft can now be used as an additional bedroom, a living room, a home office or even an entertainment room. According to recent market data, a loft conversion can add a whopping £23,750 to the value of your home.
Invest in solar panels
Solar panels are the need of the hour. Many buyers and renters are looking to move into more energy-efficient homes, and what makes a house more efficient than solar panels? While the installation of solar panels may be slightly steep, they will pay for themselves in the long run due to the lower energy bills and utility bills.
Add an extra bedroom
If you have the space, or the creative vision, one sure shot way to add to the value of your home is by adding an extra bedroom. You can convert the loft or the garage into a bedroom, you can create an extension or you can add some walls to make a new room. If your two-bedroom house is now a three-bedroom house, you can easily set a higher asking price.