UK housing market: 93% of Brits willing to pay over asking price on these home features 

  • Higher interest rates, more expensive mortgages and rising house prices are disrupting the UK housing market
  • With this in mind it is important that homeowners know how to maximise their home’s value as much as possible
  • Research reveals nine in 10 are willing to pay over the asking price on a new home with additional features, meaning sellers can maximise their house price in the current market

 

UK house prices have recorded the largest annual drop in 14 years, with rising mortgage rates and interest rate rises putting immense pressure on the UK housing market.

In light of this, new research conducted by premium window and door designer, The Residence Collection, has revealed what British homebuyers are really looking for when they search for a new home, and that they’d pay considerably extra for the privilege.

The survey found that nine in 10 respondents (93%) are willing to pay over the asking price on a new home to have additional features they deem valuable, with the average cost they are willing to pay being £9,956.

Now more than ever, it is important for homeowners to understand how they can maximise their home’s value as much as possible, and get a fair price on their property. With housing demand also dropping by a massive 18% in just two months due higher mortgage rates, it is critical to make your house as attractive to potential buyers as possible. 1

And the top five most important home features that must be included for buyers to consider paying over the asking price on a property and therefore those that sellers should consider upgrading to boost their home value, are:

 

  1. Double or triple glazed windows (34%)
  2. Good neighbourhood (33%)
  3. New kitchen fittings (31%)
  4. New boiler (30%)
  5. Solar panels (29%)

 

According to the survey, British sellers shouldn’t be investing in a home office – this was the least desirable home feature (only 15% would pay extra for this). Surprisingly, this was followed by a new roof (21%) and good security measures (23%).

Looking at gender differences, on average British men were prepared to pay more for a home with additional features than women – £11,183 in fact – which is 30% more than the average total for British women (£8.553).

Commenting on the research, Jo Trotman, Marketing Manager of The Residence Collection, said: “With the fluctuating interest rates, it seems that home buyers are being increasingly considerate about what additional features they would like and need in a new home.

“The survey confirms that bigger ticket home improvements and energy efficiency measures are at the top of homebuyers’ agendas when searching for their dream home, ultimately, boosting the people’s home values when it comes to selling.

“Double and triple glazed windows have been standout in our survey results and are incredibly important in the function of any home. Not only can high-quality windows keep the cost of your energy bills lower due to the deterrent of drafts and water infiltration but can also reduce hot air entering the home during the summer months too, making it the ideal home improvement to consider when buying and selling a home.”

To find out more on this research, please visit: https://www.residencecollection.co.uk/news/new-windows-and-doors-among-the-top-home-improvements-that-boost-property-value/