While there is great demand for homes across the country, in areas like Belsize Park, the market isn’t moving as quickly. When you consider the price of property in the local area, this isn’t a surprise.
If you want to enhance your chances of connecting with buyers, you need to know what they want, and what they don’t want. We can help you with both matters.
We work closely with buyers, so we know what people want, and we also stay in touch with the latest studies and reviews of the market.
Find out what buyers don’t want to see
A study carried out by Yes Homebuyers found the things that buyers hate to see when looking at property, and which significantly lower the value of a property:
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Subsidence can lead to a reduction in value of 20% in a property
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Taken at the average price of property in the UK (stated as £254,624), a 20% reduction would equal a loss of £51,000.
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Japanese Knotweed is also recognised as an issue which has a serious impact on property value, and this can reduce your home’s worth by 15%
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At the average price of property, a homeowner suffering from Japanese Knotweed can lose £38,000 in the value of their home
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Even poor upkeep can impact the value of property, with a bad garden or shoddy conditions leading to a reduction of 14% in value
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This drop is equal to £36,000 when you consider the average price of property in the UK
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Items that impact the view of your property, such as mobile phone towers, new power lines or wind turbines, you can expect an average of 13% to be wiped from your property value
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This reduction is around £33,000 based on average property prices
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Having a nuisance neighbour is annoying, and this can reduce the value of your property by 10%, or close to £25,500
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Similarly, if your property has suffered water damage or is a flood risk, the value is likely to drop by 10% and see you lose around £25,000 in value
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If there is no convenient parking at your property, you can lose 7.1% of your value, which is around £18,000
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Even having an unlucky house number, such as 13, can reduce the value of your home by 6%, which is around £15,000
What else are buyers wary of and vendors should consider?
Other issues which reduce the value of your property include:
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Structural issues can see you lose £13,500 in value
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Local power stations can see your property drop £12,700 in value
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If there is damage or odours left by pets at home, your property value can drop by £10,200
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Cluttered rooms can cause a drop of £10,200
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Damp and mould lead to a loss of value of £2,500
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Asbestos can lower property value by £2,500
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Woodworm can lead to a drop in property value of £1,300
Matthew Cooper, founder and managing director of Yes Homebuyers, commented: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix.”
Matthew Cooper also said; “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
