Research by MoveStreets, the property portal designed for the mobile generation, has revealed which home improvements are most likely to add the most value in the post-pandemic property market.
The UK property market continues to boom despite the pandemic and the average homeowner is now 10.6% better off than this time last year – with the average UK house price now sitting at £264,244.
But when it comes to the home improvements most likely to add value to your property, it’s clear that the pandemic and the time we spent in lockdown continues to have an influence.
A home gym is the addition most likely to add the most value in the current market. According to the Post Office, it’s thought to add as much as 44% in value and the research by MoveStreets shows that in the current market, that’s a whopping £116,267 more added to the value of your home.
During the pandemic, the need for more space, in general, has spurred homebuyers across the nation to upsize. As a result, adding an extension can also add real value to your home, as much as £97,770 based on the current average house price.
Perhaps surprisingly, a walk-in wardrobe is the next most lucrative addition you can make to your property. It’s thought to boost the value of a home by a healthy 34% which equates to £89,843 on the current average house price.
A new kitchen could boost the value of your home by nearly £69,000, while a swimming pool could add £58,000 and upgrading your garden could also bring a further £53,000 in current market conditions.
A basement conversion could bring about a boost of £45,000 while a loft conversion (£28,538), a conservatory (£26,000) and a driveway (£23,782) could also add between £20,000 to £30,000.
CEO and Co-Founder of MoveStreets, Adam Kamani, commented: “There’s no doubt that the pandemic has changed the way we view our homes and what we consider a valuable addition having spent so much of the last two years within them.
Any improvement that adds space is always going to appeal to buyers, however, it’s interesting to see that a space to keep fit now tops the table in terms of the most value-added.”