Menu, Search & Share

Property Buyers Put Off By ‘No Garden’ and ‘Old Bathrooms’ as House Prices Rise

House prices are still continuing to rise in the UK with London causing the biggest increase. The Halifax has found that between April and June house prices were 2.3 per cent higher than the previous three months. Despite slight drops in prices, houses are still 8.8 per cent higher than this time last year, with no sign of slowing down just yet despite a drop of 0.6% in June as predictions state prices will continue to rise.

Although the pace of growth has been fast in recent times, economists predict that this growth will slow but we will still see price increases over the long term. Estate agents are reporting less applications along with fewer sealed bids for homes and less people showing interest in open homes according to mortgage broker SPF Private Clients. It also seems prospective buyers are also quite picky when it comes to details of homes. According to research by online bathroom retailer ukbathrooms.com a lack of garden, an outdated bathroom and a small kitchen were off putting when it came to purchasing properties.

Rising prices mean buyers want to make sure they get what they believe to be value for money when purchasing a property. ukBathrooms questioned 1,028 UK residents aged 18 and over who had either purchased a property either by themselves or with a partner as well as those who would be looking to buy a home in the next five years or so. They asked them to choose from a list of features which would put them off purchasing a property.

They found:

  1. No Garden- 43%
  2. An Outdated Bathroom- 21%
  3. Small Kitchen- 17%
  4. Small Bedrooms- 14%
  5. Outdated Living Room- 3%
  6. Other – 2%

More…

Younger people seem to be put off by an outdated bathroom, small kitchens and no gardens and those over 34 did not like small or no gardens with property. Peter Gregg, Director of ukBathrooms.com, commented on the results of the research:

“Clearly, following the increase in housing prices, people are looking for homes that they can move in to and start living in without too much need for restructuring or extensive redecorating. I highly suspect that buyers aged 34 and over would be looking for a large garden as a result of having, or preparing to have, children.’

He continued:

“An outdated bathroom was voted the second most off-putting feature when buying a house, which is very interesting. Perhaps it’s because people like to relax while taking a soak in the bath, rather than worrying about peeling paint or stained carpets! A luxurious bathroom is a real retreat from the everyday grind. People also have less disposable income with the current economic climate, meaning that having to replace a bathroom or any large scale features within their house simply may not be possible.”

Could features mentioned above, be causing the overall sales to slow down? In May sales of homes were down by three per cent and for the first time this year below 100,000. Are high prices, but poor properties, putting off prospective buyers or is it also tighter regulations for lending that is also having an effect? Some experts believe that although new buyer enquiries may be faltering, lending conditions currently ‘will do little to temper the wave of optimism that continues to drive prices upwards’.

Andy Hatoum, co-founder of the property search engine Placebuzz.com said: “There is still plenty of momentum in much of the country, especially in those areas where the boom took longer to get going. Robust economic growth and cheap credit have combined to stoke confidence, and convinced many of us that the only way is, and will continue to be, up. Even if the excesses of London and the South East may be close to peaking, the strong growth in other regions still has a long way to run.”

Image courtesy of cercamon

Discussion

Back to top