The property feature that could knock £5,000 off
The property feature that could knock £5,000 off the value of your home
Research by eXp UK, the network of personal estate agents, has revealed that 87% of homebuyers would avoid a property with a pond, while those looking to sell with a pond could see over £5,000 wiped off their asking price in order to secure a buyer.
Ponds can be a popular feature for many homeowners, particularly those with a love for nature and the Great British pond has become a common feature in many gardens up and down the nation.
However, in today’s market they can act as more of a deterrent to potential buyers and are thought to shave 1.8% off the potential asking price of a property. That may not seem a lot, but it equates to £5,310 on the current average UK house price of £287,506.
A survey of UK homebuyers, commissioned by eXp UK, found that while 51% of those surveyed thought ponds were an attractive outdoor feature, 87% would purposely avoid buying a property with a pond as a feature.
Why? The primary reason was the fact that a pond can be a danger to small children, while the cost of upkeep also ranked high, followed by the fact that a pond can attract pests such as rats and mice.
What’s more, 73% of those surveyed also stated that they would offer below asking price on a home they otherwise liked, simply because of the issues raised by the presence of a pond.
Head of eXp UK, Adam Day, commented:
“If done properly, a pond can be an attractive addition to any garden and it’s clear that many of the nation’s homebuyers still believe this is the case. However, today they are largely seen as a negative property feature due to the fact that they pose a very real danger to the safety of children, while they can also be expensive to upkeep, as well as the other problems they bring such as attracting rodents.
Given that many buyers are facing higher borrowing costs and the higher ongoing cost of living at present, it stands to reason that they don’t want the additional burden of maintaining a pond and deterring rats and mice from their garden.
This means that should they come across an otherwise perfect home with a pond, they will need to factor in the additional cost of removing once they’ve purchased the property. This means that, on average, those looking to sell a property with the addition of a pond could have to lower their asking price by more than £5,000 in order to secure a buyer.”
