This one property feature can boost your value by £13,500
Research by London lettings and estate agent, Benham and Reeves, reveals that one in five homes have a property feature that can boost its value by as much as £28,000.
A utility room is a space in the home dedicated to the less glamorous side of homeownership. It will often house the washing machine and tumble dryer, storage for vacuums, mops, and cleaning products, and often features a sink, too. And while a room dedicated to chores might not sound very exciting, the ability to keep all these things stored in one dedicated space rather than dotted around the house is often appealing to homebuyers.
In fact, so appealing is a utility room that Benham and Reeves's recent analysis of live property listings in Britain* has found that 34.5% of all properties listed with a utility room have already been sold subject to contract (SSTC). In some parts of the nation, demand is even stronger; nowhere more so than in Scotland where 46.2% of homes have already been snapped up.
This strong buyer demand for homes with utility rooms means that they command a significant price premium. Previous research has found that a utility room boosts a home's value by an average of 5%.
Based on Britain's current average house price of £271,126*, this is an average utility room premium of £13,556.
Homes in London command the biggest premium. With the average house price standing at £555,625, the 5% boost equates to an additional £27,781. This is followed by the South East (£19,233), East of England (£16,923), and South West (£15,410).
But buyers might find it difficult to secure a home with a utility room as Benham and Reeves's analysis goes on to show that less than a fifth of homes actually have one.
Of the 404,518 homes currently for sale in Britain, 119,444 have a utility room, equivalent to just 19.3% of the market.
In Wales (24.4%), Scotland (24.4%), and the East Midlands (24.3%), utility room stock increases to as much as a quarter of all listings, but in London it plummets as low as 7.8%.
Director of Benham and Reeves, Marc von Grundherr, commented:
"Storage space is incredibly important for homebuyers, and storage doesn't get much more substantial than a utility room. Being able to keep all of your cleaning detritus in one room is a low-key luxury that means the rest of the house can be kept clear of the clutter associated with household chores, not to mention mucky kids, dogs and the rest.
But finding a home with a utility room can be tricky, especially in cities where homes tend to have smaller footprints, though it's always worth remembering that if you find a property with a garage or basement, you have the option to convert it into a utility space.
From a seller's perspective, having a utility room can be a real ace up your sleeve. When preparing your home for viewings, we would recommend giving the utility room as much attention as you do every other space. Make sure potential buyers know the utility room is there, and let them see how beneficial it can be to the daily upkeep of the home. It could bag you an additional £14,000."
