There could be a surge in the number of homeowners looking to update their properties after it was revealed the annual house price growth rate has slowed down dramatically.
Halifax’s latest House Price Index showed properties had only increased in value by 1.5 per cent between October 2017 and 2018, representing a rise from £224,686 to £227,869. This is a mere £3,183 improvement over the course of 12 months.
Therefore, those looking to sell their properties are likely to be left disappointed with the news, with the annual house price growth not having been this low for the last five years.
“The annual rate of house price growth has fallen from 2.5 per cent in September to 1.5 per cent in October, which is the lowest rate of annual growth since March 2013. However, this remains within our forecast annual growth range of zero to three per cent for 2018,” stated managing director for the financial services provider Russell Galley.
While house prices increased by a small 0.7 per cent between September and October, this is actually an improvement on the previous month when they fell by 1.3 per cent.
These figures could worry homeowners that the property market is not as flourishing as they would hope it to be if they want to gain the best price for the sale of their house.
Therefore, many might choose to boost their chances of selling their property for a higher price by making small but effective updates to their residence.
Ensuring bathroom repairs are complete, giving the walls a lick of paint, and fixing any problems will show prospective buyers it is in a good condition.
By opting for neutral colours and décor, purchasers will also be more likely to imagine putting their own individual touch on the property and not be put off by a property in need of updating.