New research has revealed the biggest property buyer turn-offs which could knock as much as £58,000 off the asking price of your investment when looking to sell.
When it comes to purchasing a property, potential buyers carefully evaluate various factors before making a decision. A house’s condition and surrounding environment can significantly impact its perceived value.
The new research has uncovered the 10 biggest property flaws and calculates the devaluation they can cause based on the current average UK house price of £289,818.
- Subsidence: (-20%, -£57,964)
Subsidence, the downward movement of a property’s foundation, can lead to structural issues and costly repairs. This serious defect is a major turn-off for buyers that potentially reduces a property’s value by 20 per cent.
- Japanese Knotweed: (-15%, -£43,473)
Japanese Knotweed is an invasive plant species that can cause significant damage to a property’s structure. Known for its rapid growth and resilience, it can decrease a property’s value by 15 per cent.
- New Powerlines, Mobile Phone Towers, Wind Turbines: (-14%, -£40,575)
The presence of new powerlines, mobile phone towers or wind turbines nearby can negatively affect a property’s value. Buyers may be concerned about potential health risks or visual impact, resulting in a 14 per cent decrease in value.
- Water Damage from Flooding / Known Flood Plain / Flooding Risk: (-13.6%, -£39,415)
Properties with a history of water damage or located in flood-prone areas are less appealing to buyers. Flooding is becoming more and more of a problem in the UK as our weather becomes less predictable and looking to sell within a known flood plain can deter buyers. The risk of future flooding and costly repairs can reduce the property’s value by 13.6 per cent.
- Poor Upkeep and Overgrown Gardens: (-12.8%, -£37,097)
A poorly maintained property or overgrown garden can deter buyers. First impressions matter, and an untidy exterior could lead to a 12.8 per cent decrease in property value.
- Bad / Nuisance Neighbours: (-10%, -£28,982)
Living next to problematic neighbours can negatively impact a homeowner’s quality of life. Buyers may be hesitant to purchase a property with a reputation for bad neighbours, resulting in a 10 per cent reduction in value.
- Poor Parking / No Parking Available: (-6.8%, -£19,708)
Limited or unavailable parking can be a significant inconvenience for potential buyers. A property with insufficient parking options could experience a 6.8 per cent drop in value.
- Unlucky House Numbers (Number 13): (-6.0%, -£17,389)
Superstitions can influence property decisions. The number 13 is often considered unlucky, and properties with this house number may experience a 6 per cent decrease in value.
- Power Stations within Local Area: (-5%, -£14,491)
The proximity of power stations may raise concerns about potential health risks, noise and pollution. This factor can cause a 5 per cent reduction in a property’s value.
- Evidence of Pets / Odours and Damage: (-4.8%, -£13,911) Signs of pet ownership, such as odours or damage, may deter buyers who worry about potential allergens or lingering smells. Properties with noticeable pet evidence could see a 4.8 per cent drop in value.
Ed Molyneux, co-founder property pack provider Moverly, which conducted the research, commented: “Regardless of how the market is performing, these common property selling nightmares are likely to cause sellers some sleepless nights in any market conditions. At best, you’re going to have to seriously reduce your asking price expectations in order to secure a buyer. At worst, you could see your home sat on the market for some time with little to no interest. The key is to try and rectify any issues that you can before bringing your home to market and for those that you can’t, such as structural issues, be upfront from the offset and ensure that your agent has all of the information they need to make buyers fully aware.”
Understanding the factors that impact a property’s value is crucial for both sellers and buyers. By addressing these issues and making necessary improvements, sellers can increase their property’s appeal and potentially secure a better price.