UK Homeowner’s pandemic spending-sprees on landscaping gardens see property values increase greater than building an extension, or fitting a new kitchen, say experts.
Homeowners that took to improving their gardens during the pandemic lockdown periods have invested wisely according to industry experts. The Post Office Money Survey conducted in 2019 revealed that landscaping your garden could potentially increase the value of your property by a whopping 77%, providing a greater return on investment than building an extension, fitting a new kitchen, or even adding a swimming pool. The five- year study was based on the mid-range asking price of a three-bed semi-detached home across the UK and found that properties with garden landscaping added the most value to a home. The research confirmed that garden landscaping proved to be the most cost-effective form of home improvement when selling, while providing the best Return on Investment (ROI) compared to other types of home improvement projects. For example, a new kitchen was found to add a property value increase of only 25%, and building an extension saw increases of 37%, while adding a wet room saw a small increase of only 7%.
Tom Hamilton, Head of Operations at Nexus Pro Systems, a UK leading manufacturer of paving jointing compounds for the landscaping and construction industry said, ‘Our consumer trends data certainly supports that garden landscaping has been a significant growth area with homeowners, especially over the pandemic period’. Particularly, during the lockdown period, we saw an increased consumer demand for our Pro Joint Fusion ‘all- weather’ paving grouting product, which I can only assume meant that landscapers and DIY enthusiasts were actively rejuvenating their outdoor spaces come rain or shine. Indeed, many of our merchants based throughout the UK have reported a significant rise in consumer demand for all manner of landscaping supplies. I believe it is important for homeowners to know that investing into their gardens not only increases the kerb appeal of their property, but also its saleable value’.
Research conducted by Foxtons estate agents revealed that simply having a garden will generally increase a property’s value by 20%. Foxton’s research further revealed that 72% of buyers were prepared to pay more for property with a garden.
Comparably, Rightmove’s data revealed that access to a garden was a priority for over 60% of buyers searching for a new home, while the Royal Chartered Institute of Surveyors found that 80% of property professionals consider the demand for garden to continue to increase.
Alastair Hoyne, MD of ‘Finanze®’, an FCA regulated specialist property finance firm says, ‘Any improvement that raises the value of a property can be significant. If you need to access funds quickly, borrowing against your property, whether with a further advance, refinancing to better terms or a second-charge bridge can be one of the quickest and cheapest methods. At the same time, if you are investing in a property to rent out, and will be borrowing to buy and renovate, don’t overlook the garden, given that improving it will certainly raise the overall Gross Development Value (GDV) and as such improve the amount and potentially the rate at which you will borrow. ‘
A recent study undertaken by ‘MyToolshed’ analysed house prices across ten areas of London and found that a well-maintained green space could increase the average Islington North London house price of £848,710 by £141,451. Similarly, homes in Ealing priced at £786,507 could gain an additional £132,806 by rejuvenating their garden spaces, and in Wandsworth, properties could see profitable gains of £131,084.50 on a house priced at £796,834.00.
The above research sourced from across a variety of UK industries affirms that many UK homeowners who invested in aesthetic and functional landscaping garden improvements, particularly during the lockdown periods, have benefitted from a quantifiable increase in the saleable value of their property.
-END-
Nexus Pro Systems Ltd are a national manufacturer specialising in the supply of innovative products to the paving, landscaping, and driveway industries. Nexus has a UK stockist network of over 250 builders and stone merchants, boasting a product portfolio that includes a range of paving ancillary products, unique resin jointing systems for pointing between paving slabs and setts, together with a range of sealers and cleaners.
…………………………………………………………………………………....................................
Finanze Ltd specialises in bespoke solutions for bridging, buy-to-let, development finance and commercial mortgages. Alastair Hoyne launched Finanze® in 2021, drawing on his background in investment banking, hedge fund management and strategic consultancy to provide an institutional grade service to sophisticated private property investors and corporations. Since receiving FCA approval at the end of September 2021, Hoyne has issued terms on £101m worth of property, representing £64m in gross loan value. Finanze Ltd is an Appointed Representative of Connect IFA Limited 441505, which is authorised and regulated by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
---
To the fullest extent permitted by law, Finanze Ltd are not responsible for any errors or omissions in any statements, views, opinions, facts, figures, commentary or any other material in the articles contained herein, or for loss arising from its use or performance, or for the results of any actions or lack of action taken on the basis of information provided in articles.
The topics covered in articles are complex and do not substitute the need for financial, legal, accounting, tax and other advice before making any decisions or taking any action based on information in articles.