The FINANCIAL -- New research from Barclays Mortgages reveals that the majority of house-hunters take just ten seconds to decide whether they like a property from the outside, as one in six Brits admit to snap decision making.
A property’s ‘kerb appeal’ is determined by how it looks on first glance which effects a homebuyer’s opinion before they enter a property.
Over a third (35 per cent) of property buyers make their decisions purely on a home’s exterior and won’t even venture inside if they’re unimpressed. This comes as over half (53 per cent) admit they would buy a property that looked appealing on the outside, even if the interior needed extensive redecoration.
Almost half (44 per cent) of homebuyers would take up to 20 per cent off a property’s asking price if an exterior was not appealing, with homes in London losing as much as £107,400 in re-sell value. On average the UK loses £57,600 on each home sold because of an unkempt exterior, leaving buyers with far more bargaining power and sellers out of pocket.
New builds have been named the nation’s favourite property type with over a third (36 per cent) of people choosing this property style as their preference. Other popular choices include Victorian houses (29 per cent) and Georgian houses (27 per cent). As a nation, we’ve fallen out of love with uninspiring 80’s homes and Mock Tudor properties with just 8 per cent and 9 per cent of home seekers choosing these options.
Delving deeper into the top exterior features, it’s clear that home-hunters prioritise neat spaces and practicality. 69 per cent chose a well-manicured garden followed by double glazing (60 per cent).
There are however, many features that do not impress house viewers. 68 per cent of people would be put off of a property if they spotted vermin control nearby.
Property expert and Homes under the Hammer TV presenter, Lucy Alexander comments “When searching for a property, the first thing you see is the front garden and any outside space. In such a competitive market, achieving the best possible kerb appeal will not only be pleasing to the eye but also to the bank balance.
“It’s great to find out that by just keeping the garden well maintained and a fresh coat of paint on the door can add value, with both easy to achieve and at minimum cost. Making every effort on the outside will certainly help when showing interested buyers around inside as those all-important first impressions will have been positive.”
Given the importance of a property’s frontage, sellers should be aware of the top garden features buyers find appealing. Hanging baskets, flower pots and a neat grass lawn come out on top with minimalist styles such as a blank canvas and AstroTurf coming out as the least popular.
Concrete has been named the least liked house facia with 64 per cent finding it off putting and a further 62 per cent finding brightly coloured rendering the biggest turn off. However, modern brick is the favoured exterior material with 74 per cent choosing it as the best option.
On the much debated subject of front doors, classic white and black top the list and more garish colours such as orange, pink and purple were least favoured.
When looking at surrounding elements, interestingly, BMW is the car manufacturer portraying the least appealing image of a property. A MINI gives the best impression, with home buyers clearly preferring the understated approach when it comes to car choices.
Craig Calder, Director of Barclays Mortgages said “We know that one of the big questions that arise amongst homeowners is how can we improve the value of our existing property?
“It’s fascinating to see the importance that the exterior of our homes can have. We would encourage all homeowners to think about their own property’s kerb appeal and understand that getting the small details right can be one solution that can really boost the financial value of your home.”