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TODAY'S OTHER NEWS

Staging your home could add £47,000 when selling

Recent property market analysis by London lettings and estate agent, Benham and Reeves have found that staging your home during the selling process could boost your sale price by as much as £47,000.

What is staging

Property staging is essentially when sellers prepare their property for potential buyers by making it appear the best it can be. Staging can involve anything from giving a house a complete makeover involving paint jobs, tidying the garden, decluttering and cleaning.

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Staging can also focus on the more minute details such as replacing cupboard handles or updating taps and tiles, utilising mirrors to create the illusion of more space, making the beds and the dining room table, buying matching towels, cushions and pillowcases.

Boost from staging properties

Benham and Reeves recommend that sellers should set their staging budget at one per cent of their properties market value – which is £2,642 on the average UK home.

According to Benham and Reeves’ research, staging can boost the price achieved for a property by 10% - an additional £26,424 for the average UK homeowner. This can also mean the average UK home could sell for £288,026, £23,782 more than the average home.

Benham and Reeves’ research shows in London, a well-staged home could achieve an average of £573,224 in the current market, £47,330 more than a non staged home. In the South East (£32,226), East of England (£29,206), South West (£25,979) and West Midlands (£20,573), staging your home during the selling process could also add more than £20,000 in value.

Even in the North East, a well-staged home could still get £13,414 more in current market conditions.

Director of Benham and Reeves, Marc von Grundherr, commented: “Property staging is becoming incredibly popular within the UK market and it’s something we not only encourage our sellers to do but also our landlords. It provides the small additional touches that may seem insignificant on their own, but together they really add the wow factor for those viewing a property. In fact, 86% of the rental properties we dress for the market rent within a week and generally secure a higher rental price as a result.”

von Grundherr, concluded: “We’ve found it to be particularly effective in the current London market of late where the stamp duty holiday hasn’t quite had the same impact. While we’re starting to see momentum build now, the capital has generally been much quieter over the last 12 to 18 months and so staging is a real differentiator for landlords and sellers.  Over the years staging has helped hundreds of our landlords and sellers get more money and faster conclusions by standing out from the crowd.”

Table shows the current average house price, the cost of a 1% staging budget, the 10% estimated return and the staging house price and house price premium after taking these into account

Location

Current average house price

Est cost of staging (1% of property price)

Est return of staging (10% of property price)

Staging house price (accounting for costs and gains)

Staging house price premium (accounting for costs and gains)

London

£525,893

£5,259

£52,589

£573,224

£47,330

South East

£358,070

£3,581

£35,807

£390,296

£32,226

East of England

£324,510

£3,245

£32,451

£353,716

£29,206

South West

£288,658

£2,887

£28,866

£314,638

£25,979

West Midlands region

£228,593

£2,286

£22,859

£249,166

£20,573

East Midlands

£221,693

£2,217

£22,169

£241,646

£19,952

North West

£194,821

£1,948

£19,482

£212,355

£17,534

Wales

£194,575

£1,946

£19,458

£212,087

£17,512

Yorkshire and the Humber

£185,968

£1,860

£18,597

£202,706

£16,737

Scotland

£180,832

£1,808

£18,083

£197,106

£16,275

Northern Ireland

£153,449

£1,534

£15,345

£167,260

£13,810

North East

£149,042

£1,490

£14,904

£162,456

£13,414

England

£280,921

£2,809

£28,092

£306,204

£25,283

United Kingdom

£264,244

£2,642

£26,424

£288,026

£23,782

Sources

UK House Price Index (Aug 2021 - latest available)

StageFlow

Original house price plus staging price boost after costs

  • Matthew Payne

    "According to Benham and Reeves’ research, staging can boost the price achieved for a property by 10% "

    Perhaps it could, but I don't see how you could possibly work it out and put a number on it without a dislaimer such as "we think it could", or "could be as much as" as opposed to these are the results of our research. I don't see what statistical reasearch you could do that would prove that 10% is the number. Selling 2 similar properties one staged, one not for different prices isn't evidence, there could be any number of contributory factors.

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