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The cost of living crisis is worrying many about its impact on the real estate market in the months to come.
And sales are expected to take a hit next year, with a drop coming from mortgage buyers, especially first-time buyers, according to forecasts.
However, the Hamptons realtor says 2024 could be a “year of recovery” helped by pent-up demand from 2023.
House prices are expected to be 2% higher in the fourth quarter of 2024 than in the same period in 2023.
Home sales across Britain will rise from around 1.1 million next year to 1.2 million in 2024, he also predicted.
House prices fell for the first time this year, although this was probably more due to the holidays than to rising interest rates.
Find out more in our monthly home price report here – https://t.co/7LDcewCDMR pic.twitter.com/GGfBV0ZzpR
– Right move (@rightmove) August 17, 2022
Four rooms to focus on when selling your home – and how to improve them
So if you want to unload a property before the pressure hits, the moving experts at Lovespace have come up with four key areas you should focus on to help you sell your home…
Kitchen
The kitchen is considered the heart of the home and is the first goal of many house hunters.
If a complete makeover is out of your budget, you might want to consider re-tiling, replacing countertops, buying new appliances, or updating lighting.
If your kitchen is quite compact, free up space by removing some cabinets and replacing them with open shelving – this will automatically make the kitchen more modern and spacious.
Bathroom
The bathroom should look fresh and clean. Renovating a bathroom can be expensive, but a few minor updates can really spruce it up.
You can add fresh paint to the walls, replace worn cabinets, change the shower head, or replace the shower curtain with a glass screen.
Interest rates and the cost of living crisis are expected to impact the housing market. Photo: PA
Living room
The living room is where families spend the most time together, so it’s important to make it look comfortable and inviting, especially when it comes to staging house tours.
Fresh paint in a light, neutral color palette can revitalize an outdated space and make it appear bigger and brighter.
Be sure to declutter the living room before pictures are taken of your space or before any home viewings.
Corridor
When making changes to your home, keep in mind that the hallway is the first area potential buyers will enter and first impressions are extremely important.
Many people overlook their hallway because they think of it as a walk-through area rather than a room, but there are plenty of easy ways to revamp it.
Make sure you have a coat rack or coat hooks and a shoe rack, so the hallway isn’t messy with piles of clothes and shoes.
You also need to make sure the floor is in good condition, as this is the busiest area of the house.
If replacing the flooring is beyond your budget, you might want to invest in a nice rug.
