3 Jun 2019
Policy area: BPF
It’s all too clear that the ongoing impasse of Brexit negotiations has been wreaking havoc on the housing market. Buyers and sellers alike have been left desperately searching for ways to circumnavigate the doom and gloom of a stagnant market.
With estimates that less migration from Europe will translate to less demand for rental housing in the UK, the fact is that there still is a shortage in housing supply for the demand as is. Add that to the high house prices, Brexit uncertainty, and tough mortgage criteria and investors will be pleased to hear that the number of people choosing to rent will only rise, moving forward.
The rental market should remain strong, meaning that the demand will continue to grow and competition will be fierce. Those investing in buy-to-rent properties want to differentiate themselves from the neighbouring offers and secure tenants as soon as possible to maximise their ROI.
Amid these concerns, The Home Staging Association UK & Ireland offers some uplifting findings from their recent research study. A wide-ranging sample of property professionals, including estate agents, property developers and property managers, were asked to complete a survey on the effect home staging has had on the success of the marketing of their properties between January and April this year. The results are encouraging, and work towards further substantiating how home staging can transform a property’s appeal, attract more viewers and maximise the chance of signing a contract.
One of the most significant results saw 94 per cent of estate agents, and 100 per cent of developers, stating that home staging increased the number of viewings for a property.
Here are more of the key findings from the report:
When comparing similar properties, 83 per cent of property developers stated home staging increased the offer value by 1-10%, with 33 per cent reporting an above 10% rise in offer value – that could also mean an increase on rental value, potentially.
Home Staging prepares a property for rental or sale, enhancing its best features with the overall aim to create a welcoming space that allows the viewers to envision themselves in their new home. It is a service that doesn’t have to be expensive nor does it have to be time-consuming.
To create said vision, it doesn’t have to include major changes either. A swift declutter or sparkling clean can make a big difference. Vacant properties can benefit just as much - bringing in pieces of furniture will make the space look bigger, more appealing, and looking like a ready-to-move-in home.
Below are a few examples of what home staging can do for both occupied and vacant properties:
Photo: HSA Member EHG Home
Photo: HSA Member EHG Home