Information supplied by Rightmove
If you’ve been contemplating a move, you’ve likely already compiled a mental checklist of what your dream home should entail to perfectly suit your lifestyle. Whether you’re eager to roll up your sleeves for a fixer-upper project, envisioning a lush garden, or can’t fathom hosting a dinner party without a beautifully lit kitchen island, your ideal home reflects your unique aspirations.
At Rightmove, we’ve delved into the minds of homebuyers and renters to discover what truly matters to them when they embark on the journey of finding their next abode. In this comprehensive study, we analysed over 600,000 property listings to identify the features that garnered the highest number of inquiries from prospective buyers and renters. Let’s dive into the findings.
1. Fixer-Uppers Are in High Demand – and Come at a Lower Price Tag
Unsurprisingly, prospective homeowners have diverse preferences when it comes to housing features. However, one standout revelation is that both ‘renovation project’ and ‘refurbished’ properties ranked among the top 10 most in-demand features.
Fixer-upper homes or those advertised as needing refurbishment take the lead in the rankings. This preference likely stems from two distinct groups of buyers: first-time homeowners seeking an affordable property to step onto the property ladder while planning gradual renovations, and savvy investors aiming to secure a relative bargain, subsequently refurbishing it for resale or rental.
Remarkably, the average asking price for a fixer-upper property, priced just below £337,000, is more than £29,000 below the current national average asking price of £366,000 for all types of homes. On the flip side, individuals seeking a fully refurbished, move-in-ready home should be prepared to shell out an extra £70,000 on average – a hefty 19% premium over the national average house price.
Our resident property expert, Tim Bannister, emphasizes, “This highlights the diverse priorities of homebuyers – some have the fortunate means to consider purchasing a freshly refurbished property, while others aspire to infuse their personal touch, embarking on renovations one room at a time.”
2. Storage Space – A Prized Commodity
We understand that a home embodies much more than a mere repository for your belongings, but in the literal sense, it indeed serves as a sanctuary for all your stuff. Accordingly, finding ample storage space ranks high on the wish lists of homebuyers. Terms such as ‘storage space,’ ‘cellar,’ and ‘loft conversion’ all secured positions in the top 10 sought-after features among buyers. For renters, ‘basement,’ ‘shed,’ and ‘attic’ also featured prominently in their preferences.
So, get ready to fill that newfound storage space with seldom-used camping gear, half-full cans of paint, and those moving boxes you’ve been meaning to unpack for ages.
3. Energy Efficiency and Modern Conveniences
In an era marked by record-high rents, it’s no surprise that features with the potential to reduce energy bills are in high demand among renters. ‘Double glazing’ topped the list for attracting inquiries, followed closely by ‘smart technology’ such as advanced heating systems. Additionally, ‘energy-efficient’ features earned a spot in the top 10, reflecting a growing awareness of sustainable living.
Tim Bannister, our property expert, observes, “This new study can be invaluable for sellers and landlords, aiding them in highlighting the distinctive features of their property listings. While it may seem trivial to mention storage space or a new boiler, our research underscores the impact these details can have on prospective buyers and renters when making crucial decisions about which homes to view.”
In conclusion, the journey to finding the perfect home is a deeply personal one, influenced by a myriad of factors and preferences. Whether you’re drawn to the charm of a fixer-upper, the allure of ample storage, or the promise of energy efficiency, the real estate market is teeming with opportunities to match your desires. By understanding these trends, you can embark on your housing search well-informed and ready to find a home that truly speaks to your needs and aspirations.