Painting a room

As the UK’s property values continue to climb, developers and homeowners are buying, renovating and selling homes to make a quick and substantial profit. ‘Flipping’ is particularly apparent in London where prices have skyrocketed in recent years. With the right research, purchase price and renovation plans, the value of a property can grow quickly. We've found some examples on the market now.

With the right research, purchase price and renovation plans, the value of a property can grow quickly

Spokesperson for Plentific, Stephen Jury, said: “Flipping has become more common in recent years thanks to the rapid growth of house prices, especially in and around London. However, there has been a dramatic demand shift in recent months, so it is no longer as easy to get a quick sale as we approach 2017. Despite this, we’ve found four current examples of homes which have been bought, received some TLC, and then returned back onto the market with a substantial increase to their price tag.’


  • Peckham, South London - Increase of £325,000

Average value increase over past year: £42,725

Example property: 5 Bedroom End of Terrace House, Lanvanor Road

Sold in January 2016 for: £575,000

Stamp duty cost on purchase: £18,750

Price now: £900,000

Difference (ex. Duty & Renovations): £325,000

Peckham

This property’s asking price now sits at £900,000, having been sold at auction for £575,000 in January this year. That’s an increase of £325,000 in 10 months alone! Whilst this appears to be a quick flip, on closer examination this property has been completely refurbished in a small space of time. Two bedrooms have been added via a loft conversion, as well as a kitchen extension. The interior also appears clean, bright and has been finished to a professional standard.


  • Westminster, Central London - Increase of £242,500

Average value increase over past year: £44,834

Example property: 3 Bedroom Apartment, Marsham Street

Sold in October 2015 for: £752,500

Stamp duty cost on purchase: £27,625

Price now: £995,000

Difference (ex. Duty & Renovations): £242,500

Westminster

This apartment stands out with its white and bright interior. This not only makes the rooms feel bigger, which is always a necessity when space is scarce, but also makes the property appear clean and fresh. The kitchen and bathroom also look newly installed and are in great condition, which really draws in buyers. With more than a £200,000 increase in value over the last year alone, this is a prime example for how to renovate and upsell within a short space of time.


  • Chiswick, West London - Increase of £75,000

Average value increase over past year: £16,223

Example property: 2 Bedroom Flat, Speldhurst Road

Sold in August 2015 for: £675,000

Stamp duty cost on purchase: £23,750

Price now: £750,000

Difference (ex. Duty & Renovations): £75,000

Chiswick

Having seen a price increase of £75,000 in just over a year, this ground floor flat makes efficient use of all space provided. Looking closely at the estate agent’s pictures for this property, every room appears to be in ‘new’ condition, including what looks like a newly installed kitchen and bathroom. Whilst £75,000 is a useful sum of money, it can’t hurt to be aware of additional costs during this process. The £23,750 stamp duty price, as well as renovation costs and a year’s worth of workload on top of that, will reduce the overall profit.


  • Hampstead Heath, North London - Increase of £250,000

Average value increase over past year: £75,706

Example property: 2 Bedroom Apartment, Parliament Hill

Sold in November 2015 for: £550,000

Stamp duty cost on purchase: £17,500

Price now: £800,000

Difference (ex. Duty & Renovations): £250,000

Hampstead Heath

The price of this property has risen by £250,000 over the past year; an increase of almost half of its original value! The home is presented unfurnished which emphasises the space and allows the buyer to decorate as they choose. It appears to have been completed to a high standard with no obvious signs of wear in the kitchen or bathroom and the garden looks to be well-kept with an attractive finish. This demonstrates how a few small jobs can really make a difference!