With so much uncertainty in the UK in the months following the Brexit referendum, estate agents around the nation are analysing the residential market, trying to see where trends are heading in terms of homes for sale. Some parts of England are looking at staying put and simply improving the homes they are in with other parts of the country looking to sell quickly in order to find smaller homes that are more affordable.
In the short term, areas to the north of the capital are not as inclined to sell in the immediate future whereas approximately 22% of homeowners in London have said in a recent survey that they are looking to move house within the next few years. As well, houses in the East of England are selling more quickly than expected and prices are soaring well above forecasts. Those looking to sell are seeking ways to add value to their homes and one question that comes up repeatedly is how important are bathrooms really when selling your home?
Kitchens and Bathrooms High Ticket Items
According to estate agents here at home in the UK as well as in other European nations and the United States, the two highest selling points in a home are the kitchen and bathrooms. In fact, one report estimated that adding a bathroom prior to listing your home for sale would yield at least 100% profit above the cost of the addition. This is especially important in homes that have undergone additions such as loft conversions to increase living space. As more bedrooms and living space are added, bathrooms become a necessity to accommodate the larger number of residents in the home.
Where Homes Are Forecast to Sell in the Wake of Brexit
Armed with this information, it’s good to take a look at areas of the country where homes are forecast to move quickly. With London being the highest projected rate of movers, adding a bathroom or renovating a kitchen seems a likely project if you are looking to increase your asking price. In a recent survey conducted by Plentific, the North West and North East are thinking of undergoing home improvements but are not looking to move house just yet while those in the South and in the nation’s capital are more apt to sell at this time.
What Is Impacting Residential Real Estate?
Some decisions on whether or not to sell at this time are a direct relationship to concerns over leaving the EU as there is still a great deal of uncertainty as to what the economic future of the UK will be upon a final exit. Panic has subsided, for the most part, but in the wake of Brexit, it appears that homes in the North will not move as quickly as those in the Midlands and to the South.
Those looking to add a bathroom or improve their kitchens in the near future can find verified builders and plumbers on plentific.com where each and every tradesman listed has undergone rigid scrutiny that meets with the highest standards for quality assurance. Whether you are looking to sell now or when things calm down a bit after Brexit is finalised, the one thing that is assured is the fact that kitchens and bathrooms are high on the list of what homebuyers consider important in a home alongside structural integrity.
*This is a collaborative post*