Mortgage rates have finally dipped following the first Bank of England base rate cut since 2020. This has raised hopes of a boost in homebuyer demand, especially after efforts to curb inflation have been successful. So, with the property market getting busier and house prices creeping up, if you’re selling your home how do you ensure that you get the best price?
You can add value to your property through renovations like an extension, boosting your home’s EPC rating or even by choosing an expensive house name but, new research shows that sometimes people do judge the house by its cover and it’s the little things that count.
Every buyer has a different vision of what house features are important to them looking for their next home, but some features prove to be consistently popular. Interesting research from Zoopla shows that when buying a house, house hunters have rather surface-level concerns. The vast majority are focused on decor and furnishings – ornaments, rugs, and paintings – rather than on substantial items like the building construction or location, things that could have a big impact on repairs, running costs and future resale value
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But what does this mean for homebuyers and landlords, and how can you improve the value of your home to earn the best price? We find out.
What house features are most popular among buyers?
Research by Zoopla reveals that one-fifth of homebuyers make a snap decision to buy a property in less than 20 minutes. This works out at around £13,280 a minute, when taking into consideration the average house in Zoopla’s July 2024 house price index.
The findings were backed up by Zoopla’s eye-tracking software that tracked where homebuyers focus their attention when viewing a home. People spent just 34 seconds looking at a bedroom and 1.2 minutes in the kitchen. Only half of the prospective homebuyers spent time checking critical structural and practical elements such as the flooring, radiators, Wi-Fi strength, attics, cellars and for damp and condensation.
Cosmetic features, on the other hand, proved to be very popular with homebuyers, garnering a lot more attention. About 25% of homebuyers admitted to nosing through family pictures and home technology, 31% looked at the plants and 37% admired the furniture. Meanwhile, nearly 15% of house hunters completely stretched the boundaries by rummaging through drawers and testing out how comfortable the owners’ beds and sofa were!
Daniel Copley, consumer expert at Zoopla, commented on the findings: “Buying a home is the most expensive purchase most of us will ever make. So, it’s crucial to make every effort to inspect all elements, in order to save yourself time and money further down the line.”
The must-have house features to consider
Although house hunters can be a nosy bunch, focusing on the seller’s decor and personal items when they’re viewing a property, other research from Go.Compare highlights some must-have features that will propel your home to the top of their viewing list.
1. Outdoor space:
Many homebuyers are looking for a home that will give them a little extra space for entertaining or relaxing. Access to a roof terrace, a balcony, a patio or some garden space is often at the top of their priority list.
2. Energy efficiency
As more people work from home, homebuyers are looking for ways to save money and reduce energy bills – so much so that the demand for energy efficiency comes in as one of the most sought-after property features.
3. Double-glazed windows
Thermal insulation on double-glazed windows can reduce energy costs, absorb sounds from the outside, add a layer of security to your home and help reduce mould growth from indoor condensation on your windows. Even if you can't see the mould, buyers might smell it.
4. Garage space
For some homebuyers, a house without a garage can be a deal breaker. Although on-street parking is common in most areas, a garage or designated space for a vehicle can be a real selling point, offering storage and security.
5. Upgrades
Many home buyers are willing to spend big on homes with updated or higher-quality finishes. New carpet, refinished hardwood floors, and updated kitchens and bathrooms are high on the list. It’s possible you may not recoup the total costs of upgrades and renovations, but the house may sell much faster.
6. Location
It’s important to consider where you fall on the map – quite literally. It's no surprise that buyers look for things like whether it's a coastal location, the neighbourhood if it's close to work, transportation, restaurants and bars or the kid’s school. It pays to have convenience as a top feature.
7. Flexible space
Having a flex space as a guest room or home office is often at the top of many homebuyers' wish lists. An extra room gives homeowners the flexibility to use it however they wish or for whatever fits their lifestyle.
8. Property "value"
The value of a property is subjective and varies from one buyer to the next. But value remains a key metric for many people, whether that means a great price/sq. ft. ratio, modern amenities or charming details only found in older homes, the value of the property is an important feature most buyers consider.
The lack of housing inventory and the high price of property means that most homebuyers won't be able to get everything on their list of "must-have" features and will need to compromise, turning their lists into "nice-to-haves" instead. Still, if you're selling your home, it's good to know what to highlight that might land you a quicker sale and a better price.
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