Which features could knock value off a seller’s asking price? Sarah Beeny’s online estate agency Tepilo investigates.
Everyone has a personal preference when it comes to homes. Some features will be popular with certain buyers, while they may put some buyers off a home completely.
We recently looked at some of the features that prospective buyers are now categorising as 'must-have', but what are the features that would encourage a purchaser to make a lower offer?
According to Rightmove, the average asking price in the UK recently reached a record high - which is great news for sellers. However, those whose homes have undesirable features could miss out on benefitting from this price growth as they may have to accept lower offers from buyers.
Below, with the help of the Satsuma Loans research report 'Room for Improvement', we take a look at the features which are knocking the most off sellers' asking prices and also the UK locations where owners currently have the most off-putting features.
The study, which spoke to almost 2,000 people, identified old boilers and radiators as the features which could knock the most off a seller's asking price. As well as being inefficient and expensive to replace, old boilers and radiators can also be a safety hazard and so it's no wonder that the average buyer said they would offer almost £750 less for a home if it contained an old boiler or radiator system.
A home without double glazing was almost equally as unpopular, with buyers saying they'd knock an average of just over £725 off the initial asking price.
The presence of old electrics and old bathrooms also perturbed buyers, who said they'd offer the seller over £700 less for each.
As we know, the kitchen is arguably the most important room in a home and if it's not fit for purpose the average buyer said they would offer almost £700 less than the seller's initial asking price.
Other features that could see sellers receive offers in the region of £500 less than their asking price included mould in the bathroom or kitchen and run down carpets and flooring.
Participants said a lack of natural light would put them off to the tune of £450, while a lack of storage would encourage the average buyer to knock £360 off the asking price.
Sellers should also be aware that a messy or overrun garden could see buyers offer in the region of £333 less and even old tap fittings could put buyers off by up to as much as £270.
The research project then looked at which UK locations were the worst offenders for housing these unpopular features.
Gloucester sellers and home owners topped the list with an average asking price reduction of almost £1,100. Next up was Belfast where a combination of undesirable features could cost the average seller around £1,025.
Worcester came in third spot, followed by Leeds and Leicester making up the top five.
Meanwhile, London, Aberdeen, Oxford, Liverpool, Glasgow, Cambridge, Bristol and Edinburgh all had average asking price reductions of over £500 thanks to homes incorporating unpopular features.
Of course, this is only one study and all prospective property buyers are different, but it serves as a timely reminder that the better-presented your home is when you come to sell, the more chance you have of achieving your original asking price or above.