Almost three quarters of homeowners in London are not getting the best value for their property, a new study shows.
Knowing the market and making the right home improvements could help vendors increase the value of 74 per cent of the properties they are selling by £350 per sq ft, the research from property market analyst Propia revealed.
Based on the average property size in London’s zones one, two and three, this adds up to an additional £342,380 in value. Taking into account that there are around 5,000 property transactions for the three zones every month, the added sales value would be £1.7 billion monthly, the researchers say.
“For a variety of reasons, be it finances, know-how or market knowledge, too many properties come to market at levels below their natural ceiling price,” James Wells, co-founder and director of Propia, says.
Propia uses market research to consult clients on what improvements would be worthwhile to maximize the value of their property.
“The research proves that sellers and landlords could get significantly more if they made the necessary improvements,” Wells comments.
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