Why Expanding Your Home Prior to a Sale May be Profitable
Those who plan to sell their house in the UK should first consider hiring home extension builders in London or in other cities, due to higher prices in January.
Home prices in the month showed that average values increased 0.8% to more than £300,000, according to Rightmove. This means that an expanded property may allow you to sell it for an even higher amount in the future.
While a property upgrade increases your home’s value, be careful in pricing a sale. Rightmove said that listings on the market took 72 days on average prior to closing a deal in January, compared to 67 days in December 2017. In London, the average time rose to 83 days.
This meant that buyers were turned off by some properties that have sky-high figures. The place where you intend to sell your house will also affect how you should be pricing your property. In Sheffield, the annual price growth has risen the fastest among 10 major cities at 5.63%, according to a separate report by Zoopla.
The Sheffield market’s rapid price growth in the last 12 months led its housing portfolio to reach a combined value of £55.69 billion. London still has the most expensive market with a combined property value of more than £1.50 billion, while those in Bristol reached a value of £115.21 billion.
However, prices in the capital seemed to have slowed down at 1.54%, which was the smallest increase among the 10 major cities in the country. Home price growth in Reading registered the second smallest increase at 2.37%, followed by 3.69% in Nottingham.
Even if you have no plans to sell your house this year, a property extension still makes sense for homeowners particularly those that expect a bigger family.