Prime property in the UK is performing well, particularly in the capital where the well-heeled continue to flock to take advantage of its safe haven status. When money is no object, property investment almost becomes a matter of heart over head. This means that when it comes to selling real estate, people need to up their game and ensure they give buyers what they want. However, half the battle is knowing just what will appeal to the majority of investors and making it a reality.
New research from PrimeLocation could help sellers on their way, revealing a series of features sought after by those looking to obtain a luxury home of their very own. According to the study, almost 80 per cent of people looking for prime property in the UK consider the number of bathrooms to be a significant factor. In fact, buyers want an average ratio of at least two bathrooms for every three bedrooms. Almost a third of those surveyed would rule out a home if they believed it had too few bathrooms.
In order for a property to be considered prime, the average number of bathrooms people expect is three, while 4.5 bedrooms are considered essential. Over 90 per cent believe the ratio of bedrooms to bathrooms should not be greater than 2:1, but 37 per cent claim an en-suite in each bedroom is vital. Interestingly, en suites rank higher than any other 'prime' feature, including swimming pools, tennis courts and gyms.
Lawrence Hall of PrimeLocation said: "There is a qualitative difference in the basic features that prime buyers require. The results of our survey show that dozens of bedrooms are not what makes a property prime for most people. Instead quality comforts are extremely important for a home to be considered a prime property. Extra bathrooms would seem to be one of the most effective investments at the prime end of the market."
However, research has shown that prime buyers are becoming increasingly price sensitive. Research from Knight Frank showed that over the past 12 months, prices in prime central London have increased by 7.2 per cent but more and more investors won't commit to properties with overly ambitious price tags. Consequently, while luxury features are integral to a sale, price still has some weighting.
- Friday 28 June 2013