House prices have been steadily increasing in the UK for over a year. Recent figures show that prices have increased by 8.8 percent since last year. This makes it more difficult for buyers, and especially first-time buyers, to move up the property ladder. According to Rightmove the average price of a property in Birmingham is over £225,000. The majority of properties sold in the last year were semis with an average price of £238,000. With terraces fetching around £193,000 and flats about £158,000.
The significant increase in house prices has left many owners with properties they can’t sell, unless they reduce the asking price.
According to the Mail:
“Analysis of 20 years of ward-level figures from the Office for National Statistics have shown huge local variation when it comes to rising house and flat prices in our area.
Sutton Trinity has seen property prices increase faster than anywhere else in Birmingham in the last year – putting the area in the top 10% of wards in England and Wales with the fastest growth.
The average home in the neighbourhood sold for £299,650 in 2019/20 – up by 20% from the average sale price of £250,000 the year before.
The average cost was also 28% more than the average house price of £234,475 in 2014/15, and is more than three times as much as the £86,000 you would typically have paid in the area in 1999/2000.”
The significant house price increase has affected many home-owners in Birmingham in a negative way, with some hoping for national price drop.
One possible solution to high-prices is refurbishment. Home refurbishment can be done reasonably cheaply and dramatically increases the visual-appeal of a property thus increasing the chances of it selling quickly.
Heritage Property Maintenance (HPM) have been involved in number of house refurbishments and many kitchen refurbs for owners who were struggling to sell their home. In one instance, the home owners invested in a refurb that lead to the property selling quickly for over £300,000!
Typically, we offer these services to home-owners who can’t sell their property and are interested in a refurbishment.
- Kitchen unit installation or repair;
- Kitchen work-surface replacement;
- New bathroom suites or update of existing ones;
- Tiling, carpeting, laminating flooring;
- Painting and decorating;
- Lighting upgrade;
- Electrical and gas-safe certificates;
- Landscaping, decking, slabbing and fencing;
- Roof replacement or repairs;
We offer contemporary designs with modern materials.
We cover all of Birmingham, Solihull and other areas, including:
- Acocks Green
- Selly Oak
- Kings Norton
If you are considering a refurbishment to increase your property value and appeal, call us for more details.