You’ll always find people in the kitchen at parties, but that’s also where all the money is too. As new research reveals exactly how much value kitchens add to a property.
New data from Magnet finds that a great kitchen can add a staggering £20,000 to the value of your home. While an equally poor one could wipe out twenty grand when you’re ready to sell.
Magnet gained insights from over 2,000 homeowners and aspiring property buyers. It finds that the kitchen has an overwhelming influence on people’s decision when navigating the property market.
More than a quarter, 29 per cent, of house-hunters say they would pay over the asking price for a property where the kitchen, dining room and lounge are all independent rooms. So that may be bad news for open-plan homes, but it’s also a question of individual taste, right?
Almost two thirds, 61 per cent, of buyers say they would pay more for a property if the kitchen was newly refurbished or modernised.
Refurbished and modernised kitchens are popular across the UK. Liverpudlian buyers are the most interested in them, saying they would offer an additional £7,038 for this. That’s followed by London buyers (£5,081) and those in the market for a Brighton pad. (£4,286).
How much value kitchens add to a property
For homeowners looking to update their property, the average cost people in the UK are willing to spend on renovating their current kitchen is £3,853.
However, there are parts of the UK where homeowners are willing to spend upwards of £7,000 to update their existing kitchen. In fact, a fifth of homeowners in Southampton would spend up to £10,000 to renovate. Furthermore, 11 per cent of homeowners in Cardiff say they are prepared to spend between £10,000 and £20,000 upgrading their kitchens.
Angela Wallace, Divisional Sales Director at Purplebricks, gives an insight into which kitchens add the most value to a home.
Speaking of a desirable Kitchen Angela says it’s ‘modern, sleek, and neutral in colour. It should have decent appliances with nice or no handles, which are integrated appliances and clever kitchen lighting. This type of kitchen can add an estimated £10k onto the value of a family-sized home.’
Furthermore, if a modern kitchen can add significant value to a property, one that’s in a poor state could drag the price of your home way down.
‘When properties are valued, the age and condition of the kitchen as well as the branded appliances (or lack of) is taken into account when pricing. There could be a £20,000 difference in the value of a home depending on the state of the kitchen (positive or negative),’ explains Wallace.
Top 10 most-desired kitchen characteristics
1. Larger than average size kitchen. Amount the UK would pay for – £2,112
2. Open plan kitchen. Amount the UK would pay for – £1,777
3. Fitted appliances (oven, cooker, dishwasher). Amount the UK would pay for – £1,761
4. Kitchen separate to dining/living rooms. Amount the UK would pay for – £1,721
5. Spacious and modern cabinets and cupboards. Amount the UK would pay for – £1,716
6. Kitchen facing the garden. Amount the UK would pay for – £1,640
7. Stylish and durable worktops. Amount the UK would pay for – £1,585
8. Bright space with windows and adequate ventilation. Amount the UK would pay for – £1,534
9. Luminous and stylish lighting. Amount the UK would pay for – £1,410
10. Neutral cabinet colours. Amount the UK would pay for – £1,377
On average, the UK would offer an extra £2,112 to have a big space for a big kitchen with extra storage and room for socialising. Whilst a separate kitchen, dining room and lounge is the most desired layout, the second most sought after characteristic is an open-plan kitchen, with people willing to offer an extra £1,777 for open space.
Having a functional and efficient kitchen came in at 3rd place, with people willing to offer an extra £1,721.