At £8.32 billion, Treasury coffers netted £750 million less in residential SDLT (Stamp Duty Land Tax) receipts across England in the financial year to the end of April, compared to 2017/18. This is despite just 16,000 fewer transactions taking place.
One of the key things we focus on when we own a home is how to add value to the property and make it more sell-able for the future. However, a question which will also help you to achieve your property’s best potential is what are the top things that will devalue your home? Here are some of the key factors that National Association of Estate Agency (NAEA) members have experienced as having a negative impact on property value.
1) It’s all about personality We all have our own taste and style, or lack thereof and of course the desire to make our homes reflect our personalities is only natural, but personal tastes can become a sticking point when it comes to selling up. Maybe you love a particular football team, or you think that glitter is an absolute necessity in the bathroom, and if that is the case then the NAEA recommends redecorating before taking your home to market. Homes which are decorated in more neutral colours are typically the most saleable as buyers can envisage how their possessions would look in the space.
2) Tip-top or big flop? If your property is in tip-top condition, then it goes without saying that the value of your home will remain strong – and the desirability factor will certainly come in to play as people like to buy properties which they can move straight into without having to do any work. Not only will the photographs which market your property look better, viewings will certainly go more smoothly if your home is in good condition; having to explain cracks in the wall, single-glazing or peeling wallpaper can be a deal-breaker. Similarly, the basics of ensuring your home is clutter-free, clean and fresh-smelling will all aid in your quest to gain the best possible price for your property.
3) In the deep end A swimming pool may sound like an attractive feature, and the cultural kudos of having such a feature may seem alluring at first, but the NAEA has shown that a pool is, in fact, a hindrance. With the famed British weather not being particularly conducive to a pool, buyers often see pools as an expense due to their maintenance fees and the volume of space they take up. If you do have a pool that isn’t being used, then it may be a good idea to fill it in and eradicate the potential problem that buyers see when they come across the feature. On the other hand, if your pool is in good condition then selling in summer when it looks its best and buyers can imagine themselves making the most of it could be a positive selling point.
4) Permission granted Often, increasing the size of your property is a sure-fire way to add value to it, with the extra floor-space also very attractive to buyers. Extensions and additions can become a headache, however, if you do not have the appropriate planning permission and building regulation documents. If you do not have these documents, then prospective buyers will often request for them before agreeing to a sale, meaning you will have to pay for them retrospectively.
5) Knot a good sign Japanese Knotweed (Fallopia japonica) is a fast-growing invasive weed which is extremely difficult to eradicate, making it quite the nuisance. With its aggressive characteristics, Japanese Knotweed can significantly damage the foundations of a property thereby making it at risk of subsidence and potentially causing thousands of pounds of damage. Due to the difficulty in getting rid of the weed, many buyers would be put-off of a purchase if they were cognisant of its presence in a property.
Reddish Vale really is one of Stockport’s hidden treasures. The best of both worlds with the convenience of the town centre and its shops practically minutes away, with the countryside right on your doorstep.
Mums to be, new mums, older mums and grandparents will breathe a sigh of relief as Stockport is soon to welcome the epitome of self-care that is The Mama Sanctuary. The brainchild of Mumtobe.com founder and mum to six, Rachael Kirkwood, The Mama Sanctuary will be a place like no other, a place for you to visit, shop, get your hair and nails done, check-in on your mental and physical wellbeing and enjoy a rare “hot” brew, all with little ones in tow in a safe and non-judgemental environment.
Set in a two-storey building between the new Redrock Development and Stockport’s upcoming Old Town area, The Mama Sanctuary will be a beautiful space that all mums want to attend – the pretty pink and floral interior has been designed by Rachael to create a relaxing, luxurious and indulgent space where you can get a break from typical mum life and escape the four walls without the guilt of leaving the children with family or a babysitter. With ample parking at the Redrock multi-storey car park across the road, and Sainsbury’s and Asda car parks nearby, getting to us is also super simple.
Older homeowners are increasingly accessing wealth from their properties through equity release. In 2018, 50p of housing wealth was unlocked for every £1 of flexible pension payment, highlighting the role of property wealth to finance later living.
The developer has bought the vacant 80,550 sq ft former Marks & Spencer store in the heart of Stockport’s Merseyway with plans now advancing to transform it into offices, leisure, and retail.
After purchasing the building for an undisclosed sum, Glenbrook is now working with architect AEW to overhaul the existing building, with offices planned for the upper floors and retail and leisure on the lower ground and ground.
Glenbrook will now strip out the building ahead of a full redevelopment. The building has been vacant since April 2018 when M&S shut the store as part of its ongoing shop closure programme.