More than one in three homeowners (38%) who have sold a property in the past have, at some point, made improvements specifically to increase the sale appeal of their property, with an average spend of £3,000. This trend of improving in order to sell continues, with one in five (19%) homeowners stating that they will be making improvements to their home in the next 12 months in order to add value or increase saleability. However, the majority of homeowners (50%) are still improving their home to make it a nicer place to live and to avoid the expense and upheaval of moving elsewhere.
Richard Taylor, head of mortgage products at Alliance & Leicester, says: "Recent pressures felt by homeowners looking to sell means it is essential they are in-tune with what potential buyers are looking for. What sellers perceive as necessary improvements can often be irrelevant to those looking to buy. However there are many worthwhile and value-adding improvements which will make properties more attractive to the buyer and generate the market value of the property. It is important that both buyers and sellers make sensible decisions within the current climate and remain within their personal affordability levels."
