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Grab your paint brush and roller. Living on a colourfully painted street could add thousands to your house price.
Turns out we aren’t the only ones longing to live on a brightly coloured street. New research by the HomeOwners Alliance and Brewers Paints revealed that living on a colourful street could boost house prices by an average of 20 per cent.
The painted street premium
The HomeOwners Alliance compared valuations figures between a bland and colourful streets in the same areas using their instant online valuation tool. The research found that prices could differ between 2 per cent to 65 per cent depending on house colour.
The biggest price difference was found in Norwich. An average three-bedroom house on vibrant Ten Bell Lane was worth 65 per cent more than on the nearby Victoria Street.
In smaller locations such as coastal towns, the research revealed that colourful streets had a lower premium. However, there was still between a 2 and 12 per cent difference in price in places such as Staithes in North Yorkshire and Kingsland in Cornwall.
‘The value of a property can be thousands of pounds more in a street where all homes are painted brightly,’ says Paula Higgins, chief executive of the HomeOwners Alliance. ‘Of course, we can’t all persuade our neighbours to redecorate their exterior walls in pink, green and orange to boost your street’s value.’
‘It is worth bearing in mind the premium you will pay for a vibrant street,’ she adds. ‘As little as a few metres away from a colourful road, there could be a huge saving to be made.’
You might not be able to persuade your whole street to paint their homes to resemble a Paddington Bear set. However, there is nothing to stop you from giving your own home a colourful makeover.
The cost of getting the exterior of your home painted by a professional can vary between £450 and £1,500. Our advice would be to shop around and make sure you get a good deal.
Alternatively, you can do the painting yourself, but you will need to prep the walls first. Start by cleaning, scraping and brushing them, before covering with two coats of exterior masonry paint. To keep your walls bright, aim to repaint them every 10 to 15 years.
Will you be giving the front of your home a colourful makeover?