For the year 2021 from January to June, the Office for National Statistics (ONS) has stated that average house prices have increase by 13.2% (https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/june2021)
Average house prices in the UK now shows to be £266,000 which is a staggering £31,000 higher than the previous year.
After a poor year in 2020 due to the many fallouts from Covid, homeowners are seeing the value of their properties across the UK increase in excess of the rate of interest.
The current average price is the highest value since records began.
The UK “Feel Good Factor” – Helping The Recent Housing Value Increase?
After a pretty dismal 2020 for most people, 2021 started off with a further lockdown being put in effect. This put a strain on those who were already concerned about their jobs as well as a bleak future in general for the economy. House movement slowed as well with less houses being put up for sale, and the production of new properties also slowed with the restrictions on movement and the shortage of supply of key materials.
However, with the recent lockdown removal, the general “feel good factor” has returned, and the housing market has seen a massive boom in now only properties going to market, but also swifter transactions as people are looking to pick back up from 15 months of turmoil.
More people are now confident about their jobs and can see a brighter future for themselves and their families – allowing them to consider moving and selling their own properties.
New properties are still faced with restrictions – especially in regards to material supply as well as issues caused with workers faced with Covid.
Should I Stay Or Should I Go Now?
If you’re looking to sell your property now may seem like the perfect time. And if you’re looking to sell your property with as little stress and hassle as possible, then we’d recommend Higher End Homes… a division of the Higher End Group which has been established to purchase and build a property portfolio for rental. We offer a simple, straightforward process which includes providing a fair market valuation for your property, no estate agents and getting cash in your bank quickly and easily – allowing you to find your dream property and move on without the strains of chains, estate agents and customers.
Of course, prices can and possibly will increase even further – but you’re selling your property to move up for the property ladder, then of course, you have to remember that as your property value increases so will those properties you are looking at will also increase.
But for many people, moving on is still out of the question. Questions still remain for the future of some businesses, and people still are hesitant to risk everything.
However, what businesses such as Higher End have seen is an increase in the amount of customers looking to invest in their properties – with building extensions high on their list of improvements (especially for when Working From Home options are available).
But we’ve also seen an increase in customers looking to make major investments such as new bathroom installations and kitchen installations – high ticket property increases which in 2020 many people put on hold. We’ve worked with many customers on property conversions, as well as property extensions – with the goal of people making better use of the building or property they already own.
With a team of dedicated and committed staff, Higher End have seen rapid growth over the last two years, and are continuing to grow further. We’ve grown by reputation as one of the leading construction companies in the North West – providing a high quality service coupled with competitive prices. We maintain our “customer first” approach and any building work we undertake is not 100% complete until the customer is 100% happy – something we have been committed to since we formed.
Adding Real Value To Your Property – Expand And Extend
Looking to do home improvements? Here are some interesting facts for you:
- Adding a new bathroom would add between 4% and 5% increase on your house value
- An en-suite bathroom potentially can add £4,000 to your property value, depending on the size and scope
- Adding off-street packing has the potential to add between 10% – 15% – and this may be even higher in large cities or congested towns
- A kitchen or bathroom refurb could increase the value of your property by between 5% and 15%
- An extra bedroom could add up to 15% to your property value
So when you’re thinking about moving on, always think of the alternatives you have with your property before moving – staying in your own home and either extending or enhancing could add real value.
Want to find out more? Then why not contact us on 01772 555084 or visit our contact page. Our team of construction specialists will walk you through your options and can work to a specification or budget depending on the scope of the work.