Many home improvements can cost more than the value they add according to new research by buying agent Henry Pryor and GoCompare Home insurance.
Improvements such as new flooring and replacing kitchens and bathrooms (the most popular home improvements) are unlikely to yield a profit for many homeowners. At £7,000 the average cost of a new kitchen is twice as expensive as the estimated value it adds to a property.
In comparison, energy improvements, such as a new boiler or central heating system, can increase the price of a property by close to 4%, the equivalent to just over £9,000. A new boiler costs around £2,000, providing the householder with a net profit of close to £7,000.
While a fresh coat of paint may add little to the value of a property, such improvements undoubtedly encourage prospective buyers through the door.
The split of the population by age group has a big effect on the local housing market; the demographic profile affects prices, but more importantly the tenure mix and the rates of sales. The patterns you can see here gives you a good insight into the profile of local residents.
The rate at which properties are sold in the market is probably the best indicator of what we in the trade call ‘buoyancy’. In this chart, we show the number of properties which have been sold each year since 2008.
In the residential property world, the most important macroeconomic indicator we’re obsessed with is interest rates. Interest rates are the main tool the government uses to cool down the market when it shows signs of overheating. They have a massive impact on the housing market because they determine what your mortgage costs every month.
Come along and try out this new fitness class at St Pauls Church on Monday 21st May at 7.30.pm. It’s a fitness workout for all levels with Club anthems theme from 90’s to present day. Bringing fun to your workout featuring disco lights & Glowsticks. Don’t forget your neon wear!!!
£4.50 for a class guaranteed to make you sweat… book your space now…
Always a great day out for the whole family is a trip to Reddish vale farm. They are hosting a family fun day on Monday 28th May 11am-4pm
Some of the attractions include;
Birds of Prey will be attending, holding a static display with a variety of birds from a massive European Eagle Owl down to a tiny American Falcon.
Arts and Crafts 11am-3.30
Face Painting 11am-3.30
Pony Rides 12.30-2.30
Pony Grooming 12.30-2.30
Small Animal Handling- 11am-4pm
Some people rattle around in their home like two beans in a can whilst others are packed in like sardines in a tin. There is a formula, created by the Office for National Statistics which gives the occupancy rating of each home. This number shows whether a property has the ‘right’ number of rooms given the number of people living there. This shows the picture in our local housing market.
In some parts of the country, the split between a house and flat sales is very extreme while elsewhere there is more of a balance. It primarily comes down to the nature of the area and how densely populated it is. Rural, semi-rural and suburban areas are dominated by houses whereas urban districts are awash with flats. The chart shows the picture in our area.