Study – The post-pandemic property features which can boost your house value

Study – The post-pandemic property features which can boost your house value


Todays other news
Tomorrow sees the Bank of England’s next base rate decision....
Hopes of multiple Bank of England rate cuts in 2025...


A new study by MoveStreets, a property portal designed for the mobile generation, has found which home improvements are most likely to add the most value in the post-pandemic property market.

The UK property market continues to thrive despite the pandemic and the average homeowner is now 10.6% better off than this time last year – with the average UK house price now sitting at £264,244.

When analysing the improvements most likely to add value to your property, it’s very apparent that the pandemic and the time we spent in lockdown has had an influence.

What post-pandemic property features do homebuyers want?

A home gym is the most valuable addition in the current post-pandemic market. According to the Post Office, it’s thought to add as much as 44% in value and the study by MoveStreets shows that in the current market, that’s a whopping £116,267 more added to the value of your home.

During the pandemic, the need for more space, in general, has driven homebuyers across the country to upsize. As a result, adding an extension can also add considerable value to your home, as much as £97,770 based on the current average house price.

Perhaps surprisingly, a walk-in wardrobe is the next most profitable feature you can add to your property. It’s thought to boost the value of a home by a substantial 34% which equates to £89,843 on the current average house price.

A new kitchen could increase the value of your home by nearly £69,000, while a swimming pool could add an extra £58,000 and sprucing up your garden could also bring a further £53,000 in current market conditions.

A basement conversion could increase a property’s price by £45,000 while a loft conversion (£28,538), a conservatory (£26,000) and a driveway (£23,782) could also bring in between £20,000 to £30,000.

Chief executive officer and co-founder of MoveStreets, Adam Kamani, said: “There’s no doubt that the pandemic has changed the way we view our homes and what we consider a valuable addition having spent so much of the last two years within them.”

Kamani continued: “Any improvement that adds space is always going to appeal to buyers, however, it’s interesting to see that a space to keep fit now tops the table in terms of the most value-added.”

 

Features

Potential value added estimated %

UK – aveHP Aug 2021

Potential value added estimated £

Source of added value

Gym

44%

£264,244

£116,267

Post Office

Extension

37%

£264,244

£97,770

Post Office

Walk-in wardrobe

34%

£264,244

£89,843

Post Office

New kitchen

26%

£264,244

£68,704

Post Office

Swimming pool

22%

£264,244

£58,134

Fool.co.uk

Garden

20%

£264,244

£52,849

Foxtons

Basement conversion

17%

£264,244

£44,922

Post Office

Loft conversion

11%

£264,244

£28,538

Hiscox

Conservatory

10%

£264,244

£26,424

Fool.co.uk

Driveway / Parking

9%

£264,244

£23,782

Post Office

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Introducer Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
Will mortgage rate falls be outpaced by house price inflation...
The Financial Conduct Authority is to consider new ways of...
In the past four years 50% of buyers have been...
Almost a fifth of sales now encounter gazundering, a firm...
Before inflation rose, some analysts hoped for four cuts this...
Average rates for both two-year and five-year fixed-rate deals have...
Recommended for you
Latest Features
Sponsored Content
Historically second charge mortgages or secured loans as they are...
Lenders must say what they mean and mean what they...
Fraudsters attacking the conveyancing sector, successfully stealing large sums of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here