A new property report discovers how sellers are not always unlocking the full potential of their homes when putting them on the market.
The new report from Satsuma exposes which features put potential homebuyers off a property and how much they are likely to deduct from an offer for a property for off-putting features. An outdated kitchen may deduct £700 from the offer; £333 for an unkempt garden and £267 for old tap fittings.
Gloucester and Belfast have been found to have the most features which would put a potential viewer off from renting/buying – sellers in both cities are potentially losing over £1,000
The report questioned 1,850 UK respondents, asking them how much they would reduce the asking price of a property per feature. As well as finding out how much those selling a property could be losing out on!
How much buyers are reducing from the asking price:
When home-buyers were asked how much they would reduce an offer by for undesirable features, the below was identified as the average price:
|Choice||Average price to reduce (£’s)|
|Old and dated Kitchen||697.32|
|Lack of storage||360.96|
|Lack of natural light||450.61|
|Run down carpets/flooring||476.50|
|Old tap fittings||267.56|
|No double-glazed windows||725.94|
|Old boiler type/old radiator||741.94|
Gloucester home-sellers losing over £1,000 due to undesirable features in their homes:
Following the above table, we asked landlords and home-owners (who are currently selling/renting their property) which of the off-putting features they had in their house. The below table reveals, by city, how much money they could be losing per house, by having the these;
The below table is displayed by highest value to lowest:
|Brighton and Hove||157.80|
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