House selling myths revealed

Many home owners in the UK continue to have misconceptions regarding factors which may help them to sell their property, according to a survey by leading mortgage provider.

Some 40% of UK householders are likely to have spent the recent Bank Holidays making home improvements, with many redecorating rooms, laying new carpet or giving their garden a makeover, according to the HSBC Home Improvement Survey.

The research, which questioned householders and property valuation experts, also revealed the smaller jobs around the house that can help homeowners to sell their property.

More than half, 55%, of property valuers said that the number one way to increase a property’s chance of selling quickly, and for a healthy price, was to de-clutter. Tidying the garden, repairing paint chips or wallpaper will improve your house selling chances.

However, over two thirds, 69%, of homeowners thought cleaning the windows would be worthwhile, compared to just 39% of the property experts. In addition, while 65% of the experts said that repainting or varnishing a front door would make a difference, only 26% of homeowners recognise this.

Householders should also worry less about putting rubbish bins out of sight or washing the car, and concentrate instead on repairing old fences and gates, it found.

‘Our survey shows that many homeowners have spent the recent Bank Holidays making home improvements. While work such as replacing windows or redecorating will make your home more attractive to prospective buyers, it is often the small, last minute jobs like painting the front door that can make all the difference. First impressions really do count,’ said Stuart Beattie, head of mortgages at HSBC.

The advice comes as more people are putting their properties on the market. The April 2011 UK Housing Market Survey from the Royal Institution of Chartered Surveyors shows that the supply of property increased during April, as sellers returned to the test the Spring housing market.

Some 18% more chartered surveyors reported a rise rather than fall in new instructions, up from 4% more in March. Spring is traditionally a busier time of year, but respondents suggest that a stabilisation in property prices has also tempted many back.

Demand also showed signs of steadying, with new buyer enquiries moving to a net balance of 0% and taking the series out of negative territory for the first time in ten months. During April, respondents noted that the good weather led to increased numbers of viewings from potential buyers in some parts of the UK.

Despite this, surveyors continue to report that a lack of mortgage finance is hindering many, with only the cash rich able to really take advantage of the market.