Subsidence the biggest turnoff for buyers

News at John Francis | 20/08/2021

An excellent article in Property Industry Eye but if you have a property that has structural issues then selling by auction could be the way forward- at John Francis Estate Agents we offer free valuations and hold 5 auctions a year. Buyers are most put off by the ground beneath a property sinking, which cuts a hefty 20% off the value of a home, amounting to nearly £51,000. Subsidence can pull the foundations of a home down, leaving the property in danger of collapse. Solving subsidence issues isn’t easy – materials can be injected into the ground under homes, while repairing damaged drains and pipes can also be solutions. The research came from homebuying platform Yes Homebuyers. The next biggest turnoff is Japanese Knotweed, which can hit prices by -15%, or £38,000. It can grow up to 10cm in a single day and can cause severe damage to the structural integrity of a property. If a property is suffering from poor upkeep or the garden has been allowed to overgrow it could reduce the value of a home by as much as -14% on average, or £36,000. Matthew Cooper, managing director of Yes Homebuyers, said: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. “Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix. “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. “Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.” If new power lines, mobile phone towers, or wind turbines are planned nearby to your property, especially if visible from the house itself, buyers are going to be far less inclined to pay top price for your home. Typically, such a scenario can see an average of -13%, or £33,000, wiped off in value. Both nuisance neighbours and flood risks or water damage can reduce a property’s value by -10%, equal to just under £25,500; lack of convenient parking can reduce value by -7.1%, or £18,000; and unlucky house number, such as 13, can, believe it or not, reduce the value of a home by -6%, just north of £15,000. Structural issues (-£13,500), local power stations (-£12,700), damage or odours left by pets in the home (-£10,200), cluttered rooms (-£10,200), damp and mould (-£2,500), asbestos (-£2,500), and woodworm (-£1,300) can also negatively impact the value of your home. However, the latter issues, like asbestos and woodworm can be very hard to detect and so you might not even know they’re there.