The art of home staging is invaluable when it comes to putting property on the market. Home staging may entail furnishing, decorating or decluttering a property, which a seller may hire a professional stager to conduct. The seller must ensure that their property is portrayed in the best light possible, so that they can quickly and effectively secure a sale. In the current sector filled with uncertainties, it is more important than ever that sellers make certain that their homes stand out, to avoid becoming just another property on the stagnant market.
As it stands, the UK house price growth has been at its lowest since January 2019, with London and the South East being hit the hardest with price drops following the EU referendum[i]. According to Estateagenttoday.co.uk, the average UK house price as of September stood at £215,352, having dropped from £216,096 the previous month in August. For those who are looking to sell their properties, these may look like alarming figures, with it now being the “tenth consecutive month in which the annual house price growth has been below 1%â€[ii].
As we approach the Brexit deadline of October 31st, Moneywise.co.uk describes a “halt†to the market, with Howard Archer, chief economic advisor to the EY Item group, warning that if the EU leaves without a deal, house prices could drop around 5%. Again, these are more potentially worrying figures to those who are looking to sell. If the UK does decide to go ahead with a no deal Brexit, then home staging may play a significant role when it comes to selling a property at a desired price.
However, home stagers can be reassured that whichever way Brexit turns at the end of October, a recent study from The Home Staging Association UK & Ireland showed that staging your property can help sell your home up to three times faster[iii]. The report found that 100% of respondents said home staging made it easier for a buyer to visualise their property as a future home; 75% will spend more time viewing a property that has been professionally staged; and 38% said staging increased offer value by 1-3% with the remaining 16% noting a 7-10% rise in offer.
The future of the property market will only unfold following 31st October, with sellers or prospective sellers set to be greatly affected regardless of which way it results. For now, it is important to prepare and stage properties for what may come.
[iii] https://propertydivision.co.uk/home-staging-sell-home-faster/