The Covid-19 pandemic majorly impacted the housing market in the UK. In 2020, the UK government announced a complete ban on real estate activity during the first nationwide lockdown, which led to a lull in the housing market. As the vaccine started to roll out, the economy began to pick up, and the buyer regained confidence, the housing market started to boom. In 2020, no one could have predicted that the price of the property would rise. In fact, in May 2020, the Bank of England predicted that the average price of property would fall by 16 per cent! In a shocking turn of events, the property market boomed after the Covid-19 pandemic.
As per the nationwide house price index, the average price of a house in the UK is £242,832 as of May 2021, which is essentially an 11 per cent rise since last year. For instance, the average price of property in Tewkesbury rose by 11.37 per cent from June 2020 to June 2021. So, for those looking for houses for sale in Tewkesbury, the sooner you close the deal, the better! However, in certain areas of London and other parts of the UK, the average price of property fell. In London itself, the annual growth price fell by a whopping 4.8 per cent, making the London housing market one of the weaker performing markets in the country. So, keeping the highs and lows in mind, do you know the value of your property after Covid? Let’s talk about some factors that might affect the value of your property and how you can increase the value of your property.
3 factors that might affect the value of your property
Location of property
The value of your property post the Covid-19 pandemic will be greatly affected by the area it is located in. As mentioned above, areas such as Tewkesbury saw a drastic rise in the average growth price. The average price of houses in Tewkesbury grew by 2.42 per cent in 3 months, from March 2021 to June 2021. While the average price of property in London has fallen, the average price of property in North-west England is rising consistently.
Size of property
As more and more people have started working from home, the demand for bigger homes has increased. Many people are choosing to shift out of their city centre homes and move into the boroughs and suburbs where they can buy spacious homes that are relatively cheaper and bigger than their city centre homes. Homeowners and first-time buyers are also looking for properties with spare bedrooms and garage spaces, which can later be converted into home offices.
People no longer want to be cooped up in their homes. After the first lockdown, the demand for properties with balconies, spacious terraces and private gardens has increased drastically. Homeowners, buyers and tenants are looking for properties where they have space and privacy, with a whole lot of greenery and fresh air. If you’re looking to move into a bigger home with a private garden, you should start looking at Tewkesbury properties.
How to increase the value of your property
Redo the kitchen
Due to the lockdown, more and more people have started cooking at home. Now, one of the first few things that potential buyers look at is the kitchen! All you need to do is renovate the kitchen. Fix the cabinets, increase the storage space, add some light fixtures in the kitchen, and spruce it up a bit. Small things like changing the countertops or moving things around to make the kitchen look bigger will also help.
Add more living space
You can convert your garage into a living space, or better yet, you can convert your garage into a home office. If you’ve got a small spare room, you can convert that into a home office or a child’s room. Even the loft or the attic can be converted into an extra bedroom. By adding more living space, you can increase the value of your property by 15 per cent!
Create a garden
If you’ve already got a garden, all you need to do is focus on landscaping. Adding a small deck or patio to the garden will also go a long way. If you don’t have the space for a garden, you can convert your terrace into a terrace garden; maybe start a small kitchen or herb garden on the terrace too.
If you are looking to sell your property, get in touch with Tewkesbury Estate Agents.