House prices in areas like Kent, East Sussex, Buckinghamshire and Essex have risen throughout the pandemic, with many working from home and realising they could live anywhere in the country. According to the latest research from Astons, property prices have climbed by 6.8 percent since January 2020.
Managing Director of Astons, Arthur Sarkisian, commented: “There’s no doubt that the allure of the commuter belt has spurred many London homeowners to up sticks and head for the hills. However, rather than a commutable home at an affordable distance, the driving factors have been more green space and a larger property.
“This heightened market activity has clearly had an impact on property prices, with commuter belt property values increasing at a far higher rate than London as a whole.
“However, the assumption that the London market has come off the boil is far from the reality.
“Of course, Covid and the ability to work from home has had some impact but despite this uncertainty, the capital has still registered strong price growth since the start of last year and the average London house price has just tipped £500,000 for the first time.
“With many now returning to the workplace and restrictions lifting on foreign travel, we expect the London market to gain a serious head of steam over the coming months, driven by both domestic and foreign market interest.”
For those who are looking to make their home bigger without the hassle of moving, Shawbrook Bank recently revealed the best home improvement which could increase your property price.
According to an analysis by Shawbrook Bank, the number of people searching for “home renovations” online hit a new high.
A well-designed kitchen is just one room in the home that can attract buyers and potentially increase the value of the home.
According to the experts at Shawbrook Bank, a kitchen extension to create a large kitchen diner could add a huge £11,514 to a property’s value.
The home improvement which could add the most value to your home is building an annex.
Adding an annex to the property could increase the property price by a whopping £15,000.
Sally Conway, Head of Consumer Communications said: “Whatever your budget, making small or large improvements to your home can have a significant impact on the value of your property.
“Whether you’re looking to add appeal for potential buyers, or you want to give your home an upgrade to enjoy yourself, investing in your home could be one of the best decisions you make.
“We’ve seen a rise in demand for home improvement loans in the last month, with Brits clearly tiring of spending so much time at home and many eager to take on a new challenge.
“From kitchen revamps to full on extensions, now could be the perfect time to give your home a facelift, ready to welcome friends and family back as soon as restrictions lift.”