Buyer Turnoffs In The Housing Market

We know buyer demand for homes is high at the moment, especially in North London. This means many buyers are willing to take a chance on certain things, or perhaps buy with a plan to changing things around.

However, there are buyer turnoffs in the housing market, and the more vendors and buyers are aware of these issues, the better. At Ariston Property, we work closely with buyers, and we know what they are thinking.

We also stay in touch with the latest studies, and this ensures we provide you with the latest information on what buyers think.

What do buyers hate to see in a home?

A study carried out by Yes Homebuyers found the things that buyers hate to see when looking at property, and which significantly lower the value of a property:

Subsidence can lead to a reduction in value of 20% in a property
Taken at the average price of property in the UK (stated as £254,624), a 20% reduction would equal a loss of £51,000.
Japanese Knotweed is also recognised as an issue which has a serious impact on property value, and this can reduce your home’s worth by 15%
At the average price of property, a homeowner suffering from Japanese Knotweed can lose £38,000 in the value of their home
Even poor upkeep can impact the value of property, with a bad garden or shoddy conditions leading to a reduction of 14% in value
This drop is equal to £36,000 when you consider the average price of property in the UK
Items that impact the view of your property, such as mobile phone towers, new power lines or wind turbines, you can expect an average of 13% to be wiped from your property value
This reduction is around £33,000 based on average property prices
Having a nuisance neighbour is annoying, and this can reduce the value of your property by 10%, or close to £25,500
Similarly, if your property has suffered water damage or is a flood risk, the value is likely to drop by 10% and see you lose around £25,000 in value
If there is no convenient parking at your property, you can lose 7.1% of your value, which is around £18,000
Even having an unlucky house number, such as 13, can reduce the value of your home by 6%, which is around £15,000

What other issues make buyers turn away?

Other issues which reduce the value of your property include:

Structural issues can see you lose £13,500 in value
Local power stations can see your property drop £12,700 in value
If there is damage or odours left by pets at home, your property value can drop by £10,200
Cluttered rooms can cause a drop of £10,200
Damp and mould lead to a loss of value of £2,500
Asbestos can lower property value by £2,500
Woodworm can lead to a drop in property value of £1,300

Matthew Cooper, founder and managing director of Yes Homebuyers, commented: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix.”

Matthew Cooper also said; “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.”

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.