The property market has not been flourishing as much as homeowners would like lately, with house prices remaining consistent month-on-month.
HM Land Registry revealed its latest House Price Index for September 2018 on November 14th, reporting that the average property value in the UK stands at £232,554.
This could encourage those who had previously considered selling their house to hold on to it for longer and simply renovate their current residence into the home of their dreams, instead of trying to purchase one.
Doing simple jobs like changing bathroom tiles in your Hertfordshire home can give the whole room a facelift and make it look as good as new. By updating appliances as well, you can really spruce up the entire house and, potentially, add value to the property.
This could be particularly tempting for those living in London, where property values fell between September 2017 and 2018, dropping by 0.3 per cent over the year.
They even fell by 0.4 per cent from August 2018 alone, taking the average price of a property in the capital to £482,241 in September. This is a decline from £283,833 in September 2017.
A spokesperson for the Land Registry noted that the recent decline in property values in the city has been characteristic of the market recently, stating: “London house prices have been falling over the year since March 2018.”
Estate agent Savills recently predicted the housing sector in the capital is not likely to improve anytime soon, estimating a growth in house prices of 4.5 per cent over the next five years. This is paltry in comparison with its predictions that average UK property values will increase by 14.8 per cent during the same period.