House prices are forecast to rise by four percent this year, according to property company Savills.
The highest rate of growth is expected in the North West where prices are projected to increase by 28.8 percent, closely followed by an increase of 28.2 percent in Yorkshire and the Humber.
The housing market saw prices rise by 7.3 percent in 2020 – the first time in modern history house prices rose despite the country being in recession.
The driving force behind this rise was the coronavirus pandemic, which drove people’s desire to move in the wake of lockdown which forced people to remain in their homes.
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Many of us took to DIY during this time, give our homes a good spruce up.
But for some, their decorating skills may have saved them a few pennies should they ever choose to move.
According to this year’s Rated People Home Improvement Trends Report, several small improvements could see your home rise by up to £50k.
The report outlined the top 15 issues which are most likely to devalue your property.
These issues include signs of damp which could cost you more than £9,500 on the value of your home.
Rated People CEO Adrienne Minister said: “We wanted to discover how the last year has impacted homebuyers’ priorities and to find out what they’re now looking for from their properties in a post-pandemic world.
“Given our increased emphasis on hygiene, including washing hands, social distancing and cleanliness in general, it’s easy to see why a messy or dirty home can spoil your chances of securing a good offer if you’re looking to sell.
“Yet, it’s still surprising to see just how much these types of issues will now affect the value of your home.
“It’s also no surprise that some of the things that have helped to enhance our lives over the past twelve months, like outdoor entertaining areas, home offices, and ways to create more flexible living, are now more valuable than ever to homebuyers.”
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The study also outlined several home improvements which could add huge amounts to the value of your home.
The way to add the most value to your property was identified as adding a self-contained annexe which was found to be worth an additional £14,385.
This was closely followed by a loft conversion and kitchen extension to create a large kitchen diner which could add £12,951 and £11,514 respectively.
A newly renovated kitchen is another means to add more than £10,000 to your home, with the addition of a summerhouse or garden room, a newly renovated bathroom and a garden office all adding more than £9,000 to the value of your home.
Other measures which could increase the value of your property include:
- Removing walls to create one open plan living space: £8,999
- Landscaped garden: £8,547
- Walls built to create separate spaces for more flexible living: £8,123
- New driveway: £8,012
- Home gym: £8,004
- Home office (inside the home): £7,630
- Bespoke storage: £7,409
- New wooden flooring: £7,255
- Outdoor cooking area – BBQ/pizza oven: £6,859
- Garden bar: £6,687
- Home bar (inside the home): £6,575
- New carpet: £6,396
- Vegetable patch: £6,093.