- There were 14,794 homes sold across England and Wales in the past 12 months priced at £1 million or more. This equates to just 1.7% of all sales, and just under £26 billion in value.
- As in previous years, the tally of properties selling at or above the £1 million threshold was greatest in London, where over half (59%) of all £1m+ homes sold in the past year. This represents 1 in every 10 property sales.
- London’s share of the £1m+ market has diminished over time though, as prices in other regions have increased. Back in 2013, London boasted 69% of all £1m+ sales. Since then, the share of the prime market has increased in every other region of England and Wales.
- In the even higher echelons of the market, there were 2,860 homes sold for £2 million or more, and 379 sales for £5 million or more, in the past 12 months.
Since covid started, we are being asked a familiar question by many clients. Will building a garden room increases the value of my property? As many people are now working from home, and the cost of petrol & commuting has gone through the roof, working from home in a detached structure sounds like a good plan.
A Garden Room to Add Value
A garden room is a living space that is constructed in a garden or outdoor area. Many people refer to them as a garden studio, garden office, or garden annexe. They are detached buildings that provide an extension to your accommodation space without the need for major renovations.
A garden room costs around £15,000 to build, but it can increase the value of your house by about £50,000. Here's why building one can be a very smart investment:
It improves the functionality of your home: Having a garden room makes your house more unique. You get a bit of the outdoors but with all the comforts of being inside. It can be a lovely and relaxing place to hang out, and it makes your whole property look nicer.
More people want one: Many people want extra space in their home, especially for working or relaxing. Having a garden room gives you that extra space, and it's really appealing to potential house buyers.
It's a good deal: If you spend in the region of £15,000 - £20,000 on a garden room and it increases your house's value by £50,000, that's a very good deal. There are not many ways you can double your money like that.
So, what can you do to push the value of your home over the £1m mark? Many people are building luxury buildings in their gardens to use as home offices or gyms. The structures are known as outhouses or garden rooms. Having one of these built can help you sell for more money, especially if you have a modern & good quality room built.
We have sold a handful of properties with garden rooms in Hertfordshire, and from the level of enquiries we received, we can confidently say there was a lot of interest. There was also a clear difference in the speed of the sales, with properties that have garden rooms receiving offers very quickly. SO, building a garden room could be a cheap alternative to extending your property, and give you extra space, while increasing the value of your property.
Using a good supplier & builder to add a detached outhouse in your garden can help you improve your living space, as well as boost the value of your property by a great amount. As garden rooms are still quite rare, many buyer's are willing to pay a premium price for a property that has one.
As the UK housing market is very competitive, properties with more living space can attract much more interest from potential buyers. This increased demand can drive up the value of a house, as buyers are willing to pay a premium for bigger properties.
In areas where space is limited or where larger homes are in high demand, investing in more living space can be a strategic move to maximise a property's value.
