The most recent analysis by Birmingham property and lettings agent, Barrows and Forrester, has revealed how rather more your property may make within the present market when promoting with the extra good thing about pre-granted planning permission.
Barrows and Forrester analysed knowledge on property costs throughout 20 main cities, wanting on the premium hooked up to houses with planning permission already granted versus these with out and what it meant when pricing your property to promote in the marketplace.
The home value premium related to planning permission properties throughout these 20 main UK cities ranges from 1% to 52% however on common, homebuyers can anticipate it to spice up property value expectations by 21% or £46,000.
The most important enhance is in Bradford, the place a house with planning permission sells for 52% greater than these with out – that’s an £81,789 improve.
Promoting with pre-granted planning permission in each Birmingham and Bournemouth may also enhance the worth of your property by 51%. Each areas are additionally dwelling to the very best premium in a financial sense at £106,674 and £159,049 respectively.
Liverpool (47%), Newcastle (36%), Sunderland (36%), Southampton (24%), Sheffield (32%), Leicester (21%) and Leeds (17%) additionally make the highest 10 cities the place planning permission can assist enhance home costs.
Nonetheless, the flexibility for a faster construct doesn’t have the identical influence throughout the board. In each Plymouth and Nottingham, pre-granted planning permission solely brings a 1% premium when trying to promote, whereas in Swansea it’s simply 2%.
Managing Director of Barrows and Forrester, James Forrester, commented: “One defining development of the pandemic has been our push to purchase greater houses and this has been a driving issue behind such steep ranges of home value development.
After all, not everybody has been in a position to stretch their funds and so upsizing their current dwelling has been the subsequent smartest thing. Nonetheless, merely gaining planning permission in your property can be useful when trying to promote, even in the event you haven’t truly had the work performed.
It indicators to a purchaser that there’s better potential than the prevailing bricks and mortar and that an extension to the property will be legally achieved. Not solely this, but it surely offers them a head begin and permits them to keep away from the usually protracted means of gaining planning permission within the first place.”