Last month Rightmove reported that the property market showed some signs of slowing as prices fell for the first time this year. Although they were quick to state that this is normal for this time of year – due more to holidays than rising interest rates – many people are worried about how this and the cost of living crisis may affect property prices as we head towards 2023.
Prices fell by 1.3% in August down to an average of £365,173 (-£4,795) but this drop is on par with the average August drop over the last ten years and Rightmove suggest it is nothing to worry about. They also suggest that as summer holidays began to take priority, some sellers were dropping their prices in order to become more competitive and secure a buyer more quickly so that they can complete the sale and move home before Christmas. According to Rightmove, although demand has softened, there is plenty to be optimistic about. Buyer enquiries to agents are down 4% on the ‘hot market’ of 2021, but remain 20% higher than 2019. But this means that there may not be enough houses to go around. New listings are up by 12% on the same period last year, but are still 6% down on 2019, while available stock is down 39% on 2019.
Rightmove predict that sales will be hit next year as interest rises and the cost of living will continue to impact first time buyers. This August the average monthly mortgage payments for new first-time buyers putting down a 10% deposit exceeded £1,000 for the first time and this is expected to rise.
Despite this, estate agent Hamptons told the Dorset Echo that they expect 2024 to be a ‘year of recovery’ aided by pent-up demand from the predicted slow-down in 2023.
House prices are forecast to be 2% higher in the fourth quarter of 2024 than in the same period in 2023 and house sales across Britain are expected to rise from 1.1million next year to 1.2 million in 2024.
So with this in mind, we’ve got a few tips to help sell your house a little bit more quickly with a quick spruce up in a few key areas.
Take a fresh look around
When you live in your home and see everything every day you might not notice just how messy, tired or tatty your interior has become. Grab a paper and pen and step outside (literally) and try to pretend you are looking at it for the first time. As you enter your home and walk from room to room, make a note of anything you see that needs updating. If you find this difficult, try getting a friend to help and ask for their honest opinions – you don’t have to act on every single bit of advice – and try not to get offended if they put it down too much, it doesn’t really matter because you’re house moving anyway and if they are offended by your choice of decor, potential buyers may be too!
The hallway is usually the first area that potential buyers will see when they enter your home so it is vital that you make a good first impression.
You may not really think of your hallway as a room. You may find that it has become a bit of a dumping ground for shoes, coats, bags and anything else you bring through the door. Tidy it all up and put some of away if you can (but don’t just chuck it in a cupboard, as they may want to check out your storage facilities too and will be put off by an avalanche of stuff jammed inside!)
Now you have revealed the floor in this area, check that it is in good condition. The carpet may be worn if it is a heavy traffic area but if new carpet is beyond your budget a snugly fitting rug will hide a multitude of sins, and you can take it with you when you leave!
If you have room, get a vase of flowers or a potted plant to make the area more welcoming.
Potential buyers will be picturing themselves spending time in here and it needs to look comfortable and inviting. If the walls are looking a bit tatty, try applying a fresh coat of paint in a light neutral colour. Hide any clutter and do as much as you can to make the space appear bigger and brighter.
If your sofa is looking a bit worn – or is maybe too bold or bright for some tastes – get a throw and some scatter cushions and make it look as good as possible. You can also wash and iron your curtains and clean the windows to make the room more appealing.
Some buyers will judge your home by your kitchen and it is considered by many to be the heart of a home. If you don’t have the budget for a remodel you can certainly give it a spruce up with new tiles or a glass splashbacks. You can replace cupboard doors and worn counters or even give them a lick of paint and some new handles.
If you have harsh strip lighting, consider swapping it out from softer lighting that makes the space look more inviting.
You probably don’t want to go to the trouble of replacing the whole bathroom suite if you are leaving, but a few minor modifications can absolutely transform your bathroom and make it more appealing to potential buyers.
You can replace the bath panel, toilet seat, shower head, taps and other fixtures and fittings. Give it a deep clean, get rid of any mould and limescale and clean up the grout or colour it with a grout pen.
Replace a tatty shower curtain or blinds. A potted plant, new matching towels and bathmat will also help to increase appeal.
Ready to make your move?
Are you ready to make your move to? Get in touch with us today for a free, no-obligation quote. If you’re thinking of downsizing we have secure, stone-built storage facilities right here in the centre of Bridport. We can help you to pack your things and put them straight into storage for you until you’re ready to deal with them, taking all the stress out of moving for you. Give us a call to find out more.
Picture Credit: Steven Ungermann on Unsplash