Demand for new kitchen furniture and other household products may be high at present across the UK, with new research suggesting that consumers are eager to invest in improvements to their properties.
According to the latest Zoopla housing market sentiment survey, more than four in ten of the people it polled (42 per cent) revealed they plan to carry out home improvements over the next six months. Many of these people may focus on their kitchens. After all, these spaces are well-used in the majority of households and so it is important that they’re fit for purpose.
Looking to the Future
Some of those who are preparing to revamp their abodes may intend to cash in on possible future house price rises. Of the nearly 5,000 individuals questioned, a record 95 per cent said they expect house values to grow in the next six months. Just three per cent of respondents predicted that prices would remain flat until the end of the summer, while two per cent expected a decline. This was down from the figure of 13 per cent recorded a year ago.
Property owners believe values will rocket by an average of 8.8 per cent between now and September. However, there were regional differences in expectations. London homeowners were the most optimistic, predicting a rise of 12 per cent.
Keen to Capitalise
Commenting on the findings, Zoopla’s Lawrence Hall said: “Homeowners across the country are going one step further this year and planning to invest in more substantial home improvements.”
The expert added: “As properties receive more and more viewings from interested buyers, smart sellers are seeing all the signs of strong demand in the market and are looking to capitalise on potential capital gains to be had.”
On the Move
Rather than staying put and making improvements to their current homes, some consumers are eager to up sticks and move to new properties. Nearly a third of the homeowners polled by Zoopla revealed they are planning to buy a property over the course of the next 12 months. This was up from 22 per cent at the beginning of the year.
In order to get the best possible price, some of the individuals who are planning to sell their houses or flats will make enhancements. After all, by ensuring their properties are well presented, people stand to receive greater interest among potential buyers, meaning they can sell for a higher price.
Of course, for these projects to be worthwhile, the increase in property value must exceed the amount of money spent on improvements. To help them achieve this outcome, there are certain basic principles that consumers can bear in mind when they are revamping their homes. For example, it pays to focus on areas that prospective buyers are likely to pay particular attention to, such as bathrooms and kitchens.
People should also refrain from putting too much of a personal stamp on their homes in case this does not appeal to viewers. By keeping their design elements relatively neutral, homeowners stand to attract the broadest possible base of potential buyers.
