- by Admin
- in Property Prices
You’ve made the decision to sell your home – the next step is to find out for how much. Prices are growing at their fastest rate in 18 years, including in and around Camberwell and Denmark Hill, so there’s never been a better time to uncover the potential of your home.
Head online
Sites like Rightmove and Zoopla are great places to start as they’re full of information that you can use to determine house prices, as well as discover trends. However, for something more in-depth, the Land Registry is ideal, as it is a comprehensive database on almost every property in the country.
Understanding what’s driving local property prices is a vital part of the selling process – especially in London. In SE5, most terraced properties sold for just under £1 million on average last year, 6% higher than the last market peak in 2018. Begin your search online to learn more about your local area instantly, but if you want deep insight, you need to ask the experts.
Ask your estate agent
Estate agents have a keen eye – they’re trained to value homes based on their experience and on the latest market trends. You can gain their expertise at no extra cost as they offer free valuations.
This valuation is based on a number of details:
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- Their research on the area
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- Previous selling prices, and how they’ve changed
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- What amenities are nearby, like schools and shops
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- How big each room is within your home
The answers to these details can vary between agents, depending on their experience in the field, and their knowledge of the area. For example, a big chain agent won’t hold as much local expertise as an independent estate agent, who lives and breathes one area, and one area only.
It’s always worth gathering as many opinions as you can to solidify your average and find any outliers. This is especially so if you have a mortgage. Your mortgage lender may send out their own surveyor, and as they follow strict criteria, they may come back with a different cost.
All are helpful to discovering the average house price in your area, and if there’s a way to increase it.
Boost your valuation
Once you’ve gathered several prices and valuations, you can start to improve them. One way to do that is by building extensions. Space is in high demand, and a single room can add just over £46,000 to your property’s value. Here are just a few of the increases you could expect with each extension:
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- An extra bathroom can add 5%
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- More living space could increase value by 10%
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- Garage conversions can see your valuation rise by 15%
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- Loft conversions could add up to 15%
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- A bigger kitchen can add a 15-20% increase
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- Converting to an open plan living area could add between 15 and 20%
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- An extra bedroom might see a 20% rise in value
So, the bigger the extension, the more return on investment. However, if you choose these larger projects, it could lead to a longer period before your home hits the market. If you have a timeline for selling, consult it before going ahead with any larger, time-consuming changes. Make sure to apply for planning permission too – your end average could be incorrect if you plan for extensions, and can’t get it. Just getting planning permission in itself is a great way to instantly add up to £20,000 in value, even if you do nothing with it.
Other ways to increase
What about your exterior? Peeling paint and overgrown shrubs are least likely to attract budding buyers, so make sure to invest time and money into making the whole of your property shine. This can be as simple as cutting the grass before staging, but if you have any room in your budget, consider a gardener who can really bring out the best in your outdoor space or small garden. This could add up to 20% to your total value, so it’s time well spent.
There are also ways to boost your asking price without the extensive building work – great for sellers who want a quick move, or for those who can’t get planning permission. Creating a parking space, adding a fresh lick of paint, or being clever with your space can be attractive to buyers. Turn your blended office, playhouse, and living room back into a defined sitting room, and buyers will immediately begin to feel welcome, rather than intruding on your personal space – as well as increase the value.
Improving your home can come at a great cost, so make sure to ask the experts before you dive in headfirst. A good estate agent will be your first port of call, as they’ll be able to tell you which homes in your area have benefitted from any changes.
Rental vs Residential
In our fast-paced housing market, selling isn’t the only thing to consider. The rental market is soaring, and with many property owners investing in buy-to-let, this is a price to also have on your mind. The average let in SE5 is £408 per week and rising – the demand for flats is high. Plus, if you decide to sell, the value of your property could increase by 30% as it is split into separate dwellings.
Discovering the average house price in and around SE5 is a never-ending fact-finding mission – one that we’re dedicated to. At Urban Village, we not only use the facts and figures around us, but our own experiences of living in the area to discover the true value of your property. Request your free rental property valuation or call us on 0203 519 9121.