What would you do if you won the lottery, or discovered you were the beneficiary of a long-lost relative’s will? If you’re a homeowner, dreaming of a sudden financial windfall could swiftly become a reality. The housing market has evolved exponentially over the past year, and a recent Zoopla study revealed that the average homeowner is sitting on more than £46,000 of value they didn’t know existed.
You might be tempted to guess the market value of your home, but unless you’re a property expert, you’re unlikely to get it right. According to Zoopla, 45% of UK homeowners underestimate the value of their property, which means there’s an incredible £237bn of “hidden equity” locked away in homes across the UK.
This property boom is partly due to the way the pandemic has affected what potential homebuyers are looking for, with features such as a garden, office space and superfast broadband soaring up the lists of priorities for many. And if you think your property might have increased in value, there’s a quick way to find out if it is worth even more than you thought.
Zoopla’s new My Home experience allows you to access a free and quick estimate of what your home is worth, simply by entering your postcode. Zoopla’s impressive algorithm uses trusted sources such as HM Land Registry, the Royal Mail and Ordnance Survey to estimate a property’s value. It’s a great starting point if you’re thinking about releasing equity to boost a business, buy a dream home, or even downsize and put your feet up.
As well as house price estimates, My Home can provide curious homeowners with sold prices of local properties, a photographic timeline of a property’s sales history and information on the latest market trends.
Of course, if the estimated value of your home inspires you to consider selling up, the expertise of a local estate agent, who can take into account additional factors such as home renovations, will offer a clearer picture of your home’s market value. And, if your property features any of these five benefits homebuyers are currently looking for, it could be worth a lot more than you think …
1 Outside space
Many who had not previously considered themselves the most green-fingered among us found themselves craving a garden during lockdown, and those lucky enough to have one fuelled a rise in sales of outdoor furniture, gazebos and fire pits. Post-pandemic, outside space will still be considered a big bonus for house-hunters, with 71% of under-40s saying it’s now more important to them than ever – whether that’s a big garden, space at the front of the house, or a roof terrace or balcony.
2 Room to WFH
According to a recent Chartered Institute of Personnel and Development report, 63% of employers plan to introduce or expand hybrid working practices after lockdown, which means more people looking for desk space in their new homes. If you have a spare room that would work as an office, a nook under the stairs with space for a desk, or a quiet garden room ready to be converted, your home is likely to be very attractive to buyers.
3 Superfast broadband
The pandemic has seen more people looking to move away from cities, particularly London, with a marked increase in potential buyers looking for properties in smaller towns and rural locations. But with the rise in hybrid working comes a greater need for a fast, reliable broadband connection, which more remote homes can’t always offer. If you’ve got an impressive broadband speed, then your home will be more attractive to the 48% of home-buyers under 40 who consider it a major priority.
4 Space for intergenerational living
Research by the insurer Aviva indicates that as many as 12% of households are looking for a property that has extra space for relatives, such as a granny flat or annexe – not just for older relatives but for adult children returning home, too. Those who have decided to stay in the capital and other large cities are thinking ahead and forging closer connections with the loved ones they missed during the pandemic – which means homes with spaces suitable for multi-generational living are in high demand.
5 Plenty to do locally
When travel was curtailed, we all realised the benefit of having a wealth of places to shop and things to see and do right on our doorstep, from boutique retailers, local producers and community projects, to beaches, woods and rivers. First-time buyers, especially, are prioritising location and proximity to activities during their house hunt. It means that, more than ever, a vibrant locality could be a big bonus when it comes to selling up – so if you live right in the thick of it, it’s worth taking a look on Zoopla to find out what your home could be worth.
Check My Home on Zoopla and see if it’s time to sell
