By Buyers have a preference for particular features such as gardens, during their search for new homes, according to research by real estate website Rightmove.
The findings were revealed as part of Rightmove’s keyword sort feature, in which house-hunters have been listing the features that matter most to them since May 2018.
The findings also show that prospective buyers are typically looking for adequate storage space, as well as green open spaces, when they consider properties.
This echoes results of a survey by HomeLet, which found that homebuyers were keen on having access to green spaces and local parks, when house-hunting.
Garages came top of the list, followed by annexes, indicating a preference towards properties with specially-built areas used for storage or recreational use.
Preference for space
Another set of features house-hunters appear to be prioritising are acres, followed by gardens and detached properties. All of these features indicate a preference towards properties that can offer more wide open space, as well as the capacity for storage.
Reflecting on the preference for annexes, Richard Crawley, director of stamp duty taxation specialists SDR, remarked:“Lots of young people are priced out of the markets at the moment…living with their parents for longer…but they want a place of their own, their own front door, somewhere where their post can be delivered. An annexe offers that lifestyle at a reasonable cost.”
Crawley explained the benefits of properties possessing an annexe: “They could give a seller up to 25 per cent extra in resale value. There could also be some stamp duty relief when buying a property with a qualifying annexe too.”
Miles Shipside, property expert at Rightmove, commented on the appeal of garages: “That’s because they have so much potential. They’re great for storage and can also be converted into living space.”
Added value from gardens
Gardens were the fourth most-searched term according to Rightmove’s keyword sort feature, and they have been noted for having the potential to significantly boost the value of properties.
Gardens were deemed capable of adding as much as £90,000 to the value of a property, according to a straw poll of estate agents, conducted by property news site Homes and Property.
This all comes after estate agency Foxtons found that outdoor spaces such as gardens could help boost the rental value of properties, claiming that “a garden can add between £50 to £100 a month in the rental price of a property in the increasingly popular south London borough of Streatham.”
Foxtons cited the rarity of garden spaces in London, adding: “There are less properties in the capital with outside space than those without, meaning homes with outdoor entertaining space may be snapped up quicker…When it comes to selling the property in the future, it’s likely that you will recoup your additional investment and potentially make more than the added cost of the outdoor space.”
Comments