New research commissioned by aluminium door and windows manufacturer Origin, has found that British homeowners are willing to spend an average of £13,000 on special features, such as outside seating areas and kitchen islands, to improve their properties.
The most sought-after added extras amongst homeowners are:
- an abundance of natural light, with 54 percent prioritising this.
- additional storage (53%t)
- en-suite bathrooms (52%)
- a large garden (41%)
- a garage (39%)
- a great view (39%)
Homeowners are willing to invest in their properties, with 87 percent agreeing that they would pay more money for added extras. In fact, one in 10 say they would reduce all other household expenditure to be able to afford the upgrades that they want.
This trend also applies when Brits buy a new property with over three quarters of respondents agreeing that they would compromise on the overall size of the house. A large garden, a garage and a great view were all considered more important for their new purchase than simply square footage.
Commenting on the findings, property consultant Alex Goldstein, said: “The results prove that people are often willing to pay a premium for the features that really matter to them. Having worked in the property sector for nearly 20 years, it is no surprise to me that natural light and storage take the top spots. However, we are also seeing new and emerging trends, like en-suite bathrooms and outdoor spaces, becoming far more important.
“Due to the current coronavirus pandemic, people are spending even more time in their homes and they have had to become multi-purpose – suitable for work, rest and play. During lockdown, people have had time to consider what they really want and need; be it designated workspaces, more accommodation for the children or a bigger garden. Once they have decided, they go the extra mile to get it, as they know they will get good use out of it and it will make the additional time spent in their home more enjoyable.”
The research shows that homeowners expect these extra features to increase the value of a property, with a great view expected to add up to 10 percent and natural light and outdoor seating both considered worthy of an eight percent increase. The descriptions of houses used by estate agents will heavily influence prospective property buyers, for example, an ‘outdoor living room’ is considered more valuable than a ‘patio’ and buyers may be willing to spend more on a ‘lounge’ as opposed to ‘sitting room’.
Ben Brocklesby, director at Origin, said: “We conducted this research to get a clear picture of the work that homeowners want to do in order to improve their homes. This provides our partners with market insights that will help them further understand their customers and what homeowners want to achieve. With the trend for outdoor living continuing to rise, it came as no surprise to us that the features that are prioritised are those that link the inside of the home with the outside, including large gardens, outdoor seating areas and an abundance of natural light.”
Mark Edwards, creator and builder of Valley Views agrees. “Making the best use of light, space and position was essential in the design of Valley Views house and the resulting home improves the life experience of the people who live in it”.
If you’d like YOUR product placed in a real world showcase with NO fear of coronavirus contact Mark Edwards, firstname.lastname@example.org
Research reported in Housewares Magazine, 10th August 2020