How to Avoid Buyers Offering £60k Less on Your Property

If you’re selling a property, you won’t like the recent news that buyers offer an average of £57,600 less on a home if it lacks kerb appeal. So what can you do to ensure buyers offer a higher price?

A study by Barclays Mortgages found that 44% of house hunters would offer up to 20% below the asking price if they found the exterior of a property off-putting.

The research also revealed that buyers would be put off if they saw a BMW parked outside, but a MINI would attract them to a property.

The survey, of over 2,000 homeowners, discovered that it takes buyers just ten seconds to decide whether they like a property – making kerb appeal vital for house hunters.

More than a third (35%) of homebuyers said they make their decisions purely based on a property’s exterior and won’t even look inside if they are unimpressed.

Over half (53%) admitted that they would buy a property that looked appealing on the outside, even if the interior needed extensive redecoration.

Regarding the 20% deduction on an offer if the exterior is unappealing, vendors in London will be hit especially hard, as the average price of £537,000 would see a huge £107,400 knocked off.

So how are offers affected based on the region of the UK you are in?

Region

Average house price

Loss in value

London £537,000 £107,400
South East £365,000 £73,000
East of England £314,000 £62,800
South West £263,000 £52,600
West Midlands £211,000 £42,200
East Midlands £199,000 £39,800
Scotland £195,000 £39,000
Yorkshire and the Humber £184,000 £36,800
North West £183,000 £36,600
Wales £173,000 £34,600
Northern Ireland £158,000 £31,600
North East £157,000 £31,400
UK £288,000 £57,600

Front door colour has been debated for some time, but classic black or white reigned supreme for homebuyers, while more outlandish colours, such as orange and purple, were the least favoured.

Concrete was named as the least liked house facia, with 64% being put off. A further 62% thought brightly coloured rendering was unappealing.

How to Avoid Buyers Offering £60k Less on Your Property

How to Avoid Buyers Offering £60k Less on Your Property

Over two thirds of buyers said they would be put off by vermin outside the property, while 58% disliked an unkempt front garden. Noisy communal buildings, such as pubs, or busy transport links nearby, also put off buyers. Half of homebuyers were put off if the property was close to a fast food outlet.

If you’re looking to improve kerb appeal, bear in mind that 69% of respondents liked a well-maintained garden, while 60% like double glazing.

59% favour a parking space and others like to see well-presented homes nearby.

Modern brick was the preferred exterior material, favoured by 76% of homeowners.

The Director of Barclays Mortgages, Craig Calder, comments on the findings: “We know that one of the big questions that arise among homeowners is, ‘How can we improve the value of our existing property?’

“It’s fascinating to see the importance that the exterior of our homes can have. We would encourage all homeowners to think about their own property’s kerb appeal and understand that getting the small details right can be one solution that can really boost the financial value of your home.”1 

1 http://www.thisismoney.co.uk/money/mortgageshome/article-3449620/Looking-sell-house-time-ditch-BMW-tidy-garden.html

 

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