December 7, 2021

UK: Staging your home could add £47,000 when selling

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From James Lockett ProperPR

The latest research by Benham and Reeves has revealed how staging your home can help you secure more when it comes to selling. 

The research shows that: – 

–          You should set your staging budget at one per cent of your properties market value. That’s £2,642 on the average UK home. 

–          However, if done correctly, staging can boost the price achieved for your property by 10%, that’s an additional £26,424 for the average UK homeowner.

–          That means that the average UK home could sell for £288,026, £23,782 more than the average home – and that’s after you’ve taken the initial cost of staging into consideration. 

–          In London, a well staged home could achieve an average of £573,224 in the current market, £47,330 more than a non staged home.

–          Even in the North East, a well staged home could still command £13,414 more in current market conditions. 

See the full release below:

The latest research by Benham and Reeves has revealed how staging your home can help you secure more when it comes to selling. 

The research shows that: – 

–          You should set your staging budget at one per cent of your properties market value. That’s £2,642 on the average UK home. 

–          However, if done correctly, staging can boost the price achieved for your property by 10%, that’s an additional £26,424 for the average UK homeowner.

–          That means that the average UK home could sell for £288,026, £23,782 more than the average home – and that’s after you’ve taken the initial cost of staging into consideration. 

–          In London, a well staged home could achieve an average of £573,224 in the current market, £47,330 more than a non staged home.

–          Even in the North East, a well staged home could still command £13,414 more in current market conditions. 

You can find the full release below 

Staging your home could add £47,000 when selling

The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed that staging your home during the selling process could boost your sale price by as much as £47,000. 

Staging is generally considered to be an American property market import, but it really just requires a few finishing touches in addition to the work we already put in before placing our homes on the market. 

The general approach to staging is to give your home a full overhaul including neutral paint jobs, sorting the garden, decluttering and cleaning. 

However, staging also focuses on the small details. Replacing cupboard handles or updating taps and tiles, utilising mirrors to create the illusion of more space, making the beds and the dining room table, buying matching towels, cushions and pillowcases – the list of these minute touches can be endless. 

Whether you do it yourself or call in a professional staging company, there’s a general rule of thumb to follow to avoid overspending while adding real value to your home. 

First off, you should set your staging budget at one per cent of your properties market value. That’s £2,642 on the average UK home. 

However, if done correctly, staging can boost the price achieved for your property by 10%, that’s an additional £26,424 for the average UK homeowner.

That means that the average UK home could sell for £288,026, £23,782 more than the average home – and that’s after you’ve taken the initial cost of staging into consideration. 

In London, a well staged home could achieve an average of £573,224 in the current market, £47,330 more than a non staged home. In the South East (£32,226), East of England (£29,206), South West (£25,979) and West Midlands (£20,573), staging your home during the selling process could also add more than £20,000 in value. 

Even in the North East, a well staged home could still command £13,414 more in current market conditions. 

Director of Benham and Reeves, Marc von Grundherr, commented:

“Property staging is becoming incredibly popular within the UK market and it’s something we not only encourage our sellers to do but also our landlords. It provides the small additional touches that may seem insignificant on their own, but together they really add the wow factor for those viewing a property. In fact, 86% of the rental properties we dress for the market rent within a week and generally secure a higher rental price as a result.

We’ve found it to be particularly effective in the current London market of late where the stamp duty holiday hasn’t quite had the same impact. While we’re starting to see momentum build now, the capital has generally been much quieter over the last 12 to 18 months and so staging is a real differentiator for landlords and sellers.  Over the years staging has helped hundreds of our landlords and sellers get more money and faster conclusions by standing out from the crowd.”

Table shows the current average house price, the cost of a 1% staging budget, the 10% estimated return and the staging house price and house price premium after taking these into account
LocationCurrent average house priceEst cost of staging (1% of property price)Est return of staging (10% of property price)Staging house price (accounting for costs and gains)Staging house price premium (accounting for costs and gains)
London£525,893£5,259£52,589£573,224£47,330
South East£358,070£3,581£35,807£390,296£32,226
East of England£324,510£3,245£32,451£353,716£29,206
South West£288,658£2,887£28,866£314,638£25,979
West Midlands region£228,593£2,286£22,859£249,166£20,573
East Midlands£221,693£2,217£22,169£241,646£19,952
North West£194,821£1,948£19,482£212,355£17,534
Wales£194,575£1,946£19,458£212,087£17,512
Yorkshire and the Humber£185,968£1,860£18,597£202,706£16,737
Scotland£180,832£1,808£18,083£197,106£16,275
Northern Ireland£153,449£1,534£15,345£167,260£13,810
North East£149,042£1,490£14,904£162,456£13,414
England£280,921£2,809£28,092£306,204£25,283
United Kingdom£264,244£2,642£26,424£288,026£23,782
SourcesUK House Price Index (Aug 2021 – latest available)StageFlowOriginal house price plus staging price boost after costs
      

END

Notes: – 

●        Benham and Reeves is one of London’s largest independent letting and sales agents. 

●        Benham and Reeves is a family-run agency, established in 1958 in Hampstead, London. 

●        Benham and Reeves has 17 branches in prime residential London locations and five international offices in China, India, Hong Kong, Malaysia and Singapore.

●        The company specialises in a tailored, end to end service for its clients in London and worldwide, from the sale or letting of a property, to property management, tax accounting, snagging, refurbishment and furnishing solutions. 

●        Anita has 35 years of experience within the property sector, helping to build Benham and Reeves from a single branch in Hampstead to one of the most established independent estate agents in London. 

●        Anita has driven the company’s vision to offer a complete range of property investment-related services from purchase to handover, furnishing and refurbishment, lettings and property management. 

●        Anita also helped spearhead the company’s overseas expansion in China, Hong Kong, India, Malaysia and Singapore. 

●        Marc von Grundherr is the Director at Benham and Reeves. 

●        Marc joined the business in 1995 and has extensive knowledge of the London and UK property market.

 

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