We’re seeing a rise in demand for our services in the wake of the vote for Brexit, as homeowners increasingly decide to stay where they are and optimise their space, rather than moving house.
Over the past year, we’ve noticed a shortage in the volume of new properties being put on the market for sale, and a somewhat uncertain housing market, since no-one knows how home prices will be affected by the referendum result.
So ‘wait and see’ seems to be the prevailing mood of the moment. Many are preferring to improve their homes rather than face costs such as the stamp duty which would be payable on a larger property worth £500,000 or more.
Market experts have forecast at least a short-term drop in house values, while the overall impact on the market, for example of the negotiations for exiting the EU once these get underway, has yet to be seen. And the RICS UK Residential Market Survey for June showed a definite fall in market uncertainty, with buyer enquiries decreasing for the third month in a row.
One online home improvement marketplace found that 10% of homeowners are now more likely to improve their home than sell it, given today’s climate. Carried out by a leading insight agency, the research polled more than a thousand homeowners UK-wide in a bid to assess how they felt in the wake of the EU vote.
Least likely to move were younger homeowners between the aged of 18 and 34, with one in four saying they would prefer to improve their homes.
Specifically, companies are seeing a surge in bigger home improvements which add substantial value, including conservatories and replacement windows. A conservatory, for example, can easily add up to 15% to the value of your home, as well as bringing a number of other benefits.
Overall, the picture in today’s housing market is one of possible short-term uncertainty rather than unrelentingly gloom, and it may well be that things pick up again within a few months.
But if you focus on enhancing your space meanwhile, your home will be more valuable once things are more certain and you do feel able to move.
Talk to us at Oasis about our bespoke conservatory design service, offered across our area from St Leonards to Polegate.