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1:00 AM 8th February 2024
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Some Things That Will Devalue Your Property

 
Photo by rajat sarki on Unsplash
Photo by rajat sarki on Unsplash
New research from Yopa, the full-service estate agents, has revealed eight things that could hurt your house price, devaluing your home by as much as £56,000 in the current market.

The company analysed eight property related features, or lack of, and how much they could reduce the value of a seller's home in the current market based on current property values.

The research shows that one of the biggest things that could devalue your home is a swimming pool. While it may seem like a sought after amenity, savvy buyers will often offer a lot less due to the fact that they simply don’t want one, it’s outdated, or due to the fact it requires a hefty sum to upkeep.

As a result, it’s estimated that a swimming pool could devalue a property by as much as -19.6%, that’s £55,850 on the current average UK house price of £284,950.

An unpainted, pebbledash exterior can also hurt house prices quite considerably. The dated exterior is a big turn off for buyers and while a lick of paint might help, it’s estimated to knock 10% off the value of a home - that’s £28,495 in today’s market.

A lack of parking is thought to reduce the value of a property by over £19,000, while artificial grass is also a turn off for buyers, resulting in a reduction of almost £15,000.

Interestingly, a buyer would offer less for artificial grass than they would for no lawn at all, with a lack of lawn space reducing the value of a home by just over £6,000 in today’s market.

While a shower may be preferable for many buyers, removing the bath in the family bathroom could result in a reduction in the value of your home to the tune of £5,699.

Those with a north facing garden can expect to achieve £5,530 less in today’s market versus properties boasting a south facing garden.

Finally, while a pond might seem like a nice addition to your garden, they can be a major turn off for buyers. Not only do they require maintenance, but they can also attract rodents and are estimated to reduce the value of a home by £5,263.

CEO of Yopa, Verona Frankish, commented:
“No one homebuyer is the same and so there may be some features that deter one and not the others, such as a lack of parking, no lawn, or a north facing garden.

"These are generally features that can’t be changed and so sellers just have to be patient in these instances. However, there are some things that can be avoided to help boost the appeal of your property in the current market.

"While a swimming pool or pond may seem like a great addition to your outdoor space, they can be a serious deterrent for those who think differently. Particularly in the current market and with the high cost of living, buyers will be put off by property features that require additional budget to maintain

"It may not necessarily deter them from making an offer, but it’s sure to result in them submitting a lower offer than you might expect.”



Data tables can be viewed online, here.