Spring has always been the best time to sell your property, and that’s even more true in 2022. House prices are rising at the fastest rate since 2007. Many observers are expecting the current interest rates to rise again this year, which will only encourage buyers to move home quickly and lock in a favourable mortgage rate.
If you’re thinking of putting your house on the market this spring, here are some things to consider, and some tips to encourage the offers that your house deserves.
Staging
It was always the case that prospective buyers needed to imagine themselves living in your property. In 2022, that’s truer than ever. The lockdowns and restrictions of 2020 and 2021 made us value a beautiful living space all the more. Post-pandemic, and the remote working revolution, many people’s houses are also their workplaces. The home now accommodates more elements of our lives than ever, and buyers need to see that yours will offer everything they need.
Home staging is not simply making your home presentable, but anticipating viewers’ desires and arranging your home accordingly. Is there a calm and bright working from home setup? Does the living area look relaxed and inviting? Even if you don’t have children, have you thought about places kids might play?
The sale starts when viewers project their lives into your house. If you need some inspiration for staging and home décor trends in 2022, take a look at our previous blog post.
Urban Village offers a free home staging consultation service to help you prepare your home for viewing. Book one in and you could add 10% to the value of your property.
Pricing
Property prices across the country are going up. London has always been its own economy in many respects, but current global events could affect the capital’s property market particularly.
In response to the atrocities in Ukraine, the UK government is proposing the seizure of property belonging to those linked to the Russian state. The resulting urgency to sell could well push London property prices down. It’s hard to say whether that will actually happen, as some experts predict that there are plenty of buyers who will gladly meet the asking prices.
As it stands, the likely scenarios are that property retains its value, or that it loses some. If that’s the case, then it’s wise to sell sooner rather than later to avoid the risk.
Market conditions
Domestically, the property market is getting pushed and pulled by a few other factors. The Bank of England raised interest rates last month from 0.25% to 0.5%, and many expect further rises within the year. If that encourages people to buy sooner rather than later, all the better for those looking to sell. If you’re able to complete quickly, your property will be even more appealing.
In London, the Mayor has called again for rent control. It’s not law or policy, but the attitude and the existing legislative hostility to landlords [link to buy to let article when published] might encourage more sales, as landlords are discouraged from renting out their portfolios. That would mean more competition for your home sale.
Globally, energy prices are rising, and that’s exacerbated by the sanctions placed on Russia. The public are also more conscious than ever of their impact on the environment. Those two combined mean that energy efficiency is now a major consideration in the choice of a new home. If you emphasise or improve your EPC rating, you will broaden your house’s appeal even further.
Adding Value
If you’re hoping to sell this spring, then big conversions, renovations or extensions are obviously not realistic. Instead, you can quickly add value to your home with lighter touches that transform its appearance.
By mixing textures, you instantly add an extra upmarket flair to a room. Think of metal accessories on a wooden table, a Persian rug on hardwood floor, or silk cushions on a leather sofa.
Accent walls in a tasteful shade can help a room pop, and as long as they’re not garish, they don’t upset the neutral tones that help sell a property.
Similarly, splashes of colour against a neutral palate are an attractive focal point in a room. Flowers, throws, and cushions tend to achieve this well. If you can pick up a tone at various points, then the room looks especially balanced and pleasing to the eye. For example, you could match a shade of green from a painting with the hue of a decorative tray.
Space is appealing to everyone, so experiment with the layout of furniture to maximise the floor. Keep décor fairly minimalist to prevent a feeling of crowding. Also, consider using mirrors to create the illusion of greater size.
If you have a garden, that will be a tremendous selling point. The value of outdoor space has only increased, and buyers will be glad to see a garden that’s ready for relaxing and entertaining. Set out garden furniture as if for al fresco dining, with glasses, plates and cutlery laid. Cut your grass, trim your hedges, and tidy your flower beds – make sure your garden, like your house, looks vibrant, healthy, and as versatile as possible.
Ready to get your property on the market this spring? Urban Village’s friendly, professional experts will help you get it sold. We’re a passionate local estate agent based in Denmark Hill, who know how to find great buyers for great properties. Call us on 020 3519 9121, or email info@urbanvillagehomes.com.