'Love it or List it' - FHP Living experts debate
HOMEOWNERS across the UK have been asking themselves whether to Love It or List It after Phil Spencer and Kirstie Allsopp hit our screens trying to convince homeowners to either sell or refurbish their homes.
Annie Brafield has been speaking to two of FHP Living’s sales experts about the Nottingham property market and whether homeowners should be investing in their homes or just putting them up for sale.
Ian Marriott has been working in the West Bridgford market for nearly two decades and has never seen it so buoyant and Oliver Marshall is the leading agent in the city centre.
Ian said: “It is well-documented that the market in West Bridgford, and particularly those roads surrounding Bridgford Park, has improved by up to 20% over the last 18 months as the level of stock simply can’t keep up with the demand.
“With that in mind, if you’re living in one of the traditional Victorian or Edwardian properties and are considering selling then I would recommend popping in to see us and getting it listed straight away – there isn’t really any need to spend a great deal of money getting the property ready for sale.
“People looking to move into these types of properties tend to have a longer term view than perhaps someone looking at a city centre apartment might have, so are willing to accept a property may need a bit of work doing. More importantly, this isn’t something that is likely to affect a property’s saleability as they are just so popular.”
Whereas properties located in the heart of some of the nearby estates such as Compton Acres and Gamston – where competition for properties is still strong – can, in some cases, benefit from a significant uplift in value following a small amount of investment says Ian.
“The market in these neighbouring areas is still very strong, but those properties that are in need of a bit of TLC simply don’t move as quickly as their central West Bridgford counterparts,” added Ian.
“We have seen a number coming to market which haven’t received any investment for a few years and the sale prices are significantly lower than those where owners have spent some money in the past two to three years – in some cases the difference can be up to £20,000.”
Oliver believes firmly that the city centre apartment market, which was hit particularly hard during the economic crisis, is one where landlords and owner-occupiers will reap the rewards of investment.
He said: “Most of Nottingham’s city centre apartment stock was built in the mid-2000’s and were coming to market just as the property market was about to crash, leaving a number of owners with a dramatic drop in capital values – sometimes up to 40% – and the market became somewhat unappealing and almost stigmatised as owners were faced with negative equity.
“Prices haven’t yet reached the peak of 2007 – 08 when values were at their highest, but city centre living has become popular once more and there are opportunities to sell properties that are in good condition.
“One of the biggest challenges we face when looking at selling city centre apartments is the state of repair so many of them are currently in – many were purchased a decade ago and have been rented out for all or most of that time and are in real need of investment.
“We are mostly dealing with first time buyers or investors in the city centre and they are looking for properties that they can just move into and not worry about having to replace kitchens or bathrooms or doing any significant decorating works.
“Those properties in a good state of repair are far more attractive than those which are looking a bit tired – something that certainly affects their saleability, so I would absolutely recommend spending some money on getting a city centre apartment up to a good standard before trying to sell it.
“For example, we recently put a top floor two bedroom apartment in one of the popular Lace Market buildings onto the market that has recently had a new kitchen and bathroom and were able to list it for £200,000 – a good 15% more than we would have been able to had that work not been done, so the uplift in value is obvious.”
The apartment market in the West Bridgford area was also hit hard during the economic crisis and Ian recommends anyone looking to sell investing in ensuring the property is well presented before putting on the market.
“In some cases we’ve seen an increase in price of up to £15,000 on well looked after properties compared with those that haven’t been so it is very much worth doing,” added Ian.
Oliver believes that those people looking to sell apartments within the city centre or in suburban areas of Nottingham would be advised to put their properties on the market sooner rather than later as the market across the county is steadily improving.
He said: “Now really is the time to act if you are looking to take your next step on the property ladder, as the market across Nottinghamshire is continually improving with areas like West Bridgford rising and rising.
“It is absolutely worth spending some money on a city centre apartment as you will be rewarded with impressive saleability and standing out from those in a lesser state of repair, as well as slightly improved values.”
If you are considering selling your home, get in touch with the team at FHP Living who will be able to provide you with expert, tailored advice as to how best approach its marketing.
To find out more, please call the team on 0115 841 1155.