Are you a property investor, developer or buy-to-let landlord looking to maximise your returns? If so, you’re in for a treat! In this article, we’re about to reveal the most coveted features that buyers and renters can’t resist in the current market. Join us as we reveal the results of a new study analysing the top requested features for over 600,000 property listings.
Buyers’ Top 5 Must-Have Features:
- Renovation Projects: Properties in need of a makeover are the hottest trend right now, according to the research. ‘Fixer-uppers’ are likely topping the list because there are two groups of buyers competing for this type of home: first-time buyers looking for a cheaper property to get on the ladder that they can refurbish over time as they save up enough money and investors looking to snag a relative bargain and do it up to sell on or rent out. The average asking price of a fixer-upper is currently £29,302 less than the national average asking price of £366,281, making them an attractive option for those willing to put in the work.
- New boiler: Energy efficiency is a top priority during these challenging economic times. A modern, efficient boiler can significantly lower utility costs, making it a sought-after feature for buyers. Additionally, a new boiler aligns perfectly with the country’s increasingly popular green aspirations while keeping budgeting wallets happy.
- Loft conversion: A well-executed loft conversion adds valuable square footage and appeals to growing families and those looking for a home office. Buyers see this as an opportunity to optimise their living arrangements, making the most of every available inch.
- Storage space: The more storage, the better. Buyers are keen on properties that offer ample space for organising their belongings. In today’s cluttered world, having dedicated storage areas is not just a luxury but a necessity. Therefore properties with generous storage solutions are standing out in the current property market.
- Cellar: A cellar can serve as a versatile space for storage, a wine cellar or even a home gym. Its potential makes it a top choice for many buyers.
Renters’ Top 5 Must-Have Features:
- Double glazing: Renters are prioritising comfort and energy efficiency with their most in-demand property featured. Double glazing keeps the cold out and reduces energy bills, making it the top demand for this category.
- Smart technology: The modern renter seeks convenience. As such, smart heating systems and other tech-savvy features enhance their living experience. From controlling the thermostat with a smartphone to integrated security systems, these technological perks make daily life smoother and more secure.
- Near station: Location, location, location! Proximity to transportation hubs is crucial for renters who commute to work. The convenience of living near a station simplifies daily life and enhances overall accessibility.
- Parking space: Renters with vehicles prioritise properties with dedicated parking spaces. They value the ease of parking without the hassle of searching for a spot, especially in urban areas where parking can be a challenge.
- Basement: Extra room, please! Basements are versatile spaces for storage or creating additional living areas, making them a hit with renters. Whether it’s used for storage, a home gym or an entertainment room, a basement adds valuable square footage to a rental property, providing flexibility and utility to tenants.
The above top 5 features are the driving forces behind property demand. But, the list doesn’t stop there! View the remaining all 10 top in-demand features for both renters and buyers in the table below:
Most in-demand features for buyers and renters (Top 10):
Tim Bannister, property expert at Rightmove, which conducted the research, said: “This new study could help sellers and landlords when they’re thinking about the different features to highlight on their property listing. It may not seem important to mention that a property has storage space or a new boiler, but our study shows this could make a difference when prospective buyers and renters are deciding which homes to go and view. It also shows the different priorities that home-movers have – some are in a more fortunate position to be able to consider buying a newly refurbished home, while others want to put their own stamp on a home and do it up from scratch, or they may realise that if they buy now they can spend time doing up the house a room at a time.”