New research released today highlights both the growing importance and value of storage and space saving solutions for homebuyers.
An overwhelming three quarters of purchasers find it off putting when new build homes have rooms that lack storage facilities and less than a third believe that new builds have enough design ideas to maximise the living space. Revealing that nearly half of homebuyers would pay up to £5,000 for appropriate storage solutions across a future home, with one in ten willing to invest as much as £10,000, the opportunity for housebuilders could be significant.
Commissioned by Spacepro Contract, the new build division of Home Decor, the research, conducted by Vision One Research, demonstrates the increasing role of space efficiency in the homebuying decision. With 51 per cent of homeowners stating that storage space was an important factor in their choice of property, ten per cent rating it as the most important internal factor when buying a property and a substantial 66 per cent of those living in new build homes* wishing they’d considered it more when they purchased, the desire for smarter storage is clear.
The research also reveals the commercial opportunity for housebuilders with 66 per cent of homebuyers agreeing they would pay more for a new home with adequate storage space and 45 per cent stating they would pay up to £5,000 extra for a property with built-in storage solutions in all rooms.
The ongoing PR problem new housebuilders continue to face is also prevalent throughout the research results, with 76 per cent of recent and prospective homebuyers agreeing that new homes are getting smaller and 75 per cent stating they tend to be less spacious than older properties.
Ongoing concerns about new build homes for modern needs
With 76 per cent of respondents believing that the storage in new build homes in particular could better meet the needs of modern households, ongoing concern about living space and the size of our new homes continues, demonstrated by the groundswell in recent years and the Government’s responding and revised Space Standards, released earlier this year and due to go live next month.
Storage is inherently connected to part of a wider concern about space generally with 41 per cent of homebuyers rating room sizes as the most important factor and 16 per cent citing flexible living space. Highlighting ever evolving consumer attitudes towards how we use the space in our homes for modern living, the growing demand for housebuilders to make the most of the space in our new homes through smart and innovative design is clear.
With 70 per cent agreeing that new build homes need storage solutions in all rooms, 73 per cent finding it off putting when new build homes have rooms that lack storage facilities and just 29 per cent believing that new builds have enough space saving ideas to maximise the living space, the gauntlet is down for housebuilders to address this issue.
The current challenges and coping strategies of our householders
Bedrooms (44 per cent) and kitchens (31 per cent) are considered the rooms with the greatest need for storage provision in the home and unsurprisingly are also considered the rooms lacking adequate storage the most, rating at 79 per cent and 47 per cent respectively. Bathrooms also present an issue amongst homeowners (41 per cent).
With storage for clothing and footwear the most lacking (69 per cent), followed by storage for utility items (66 per cent) and occasional use items (63 per cent), it’s clear from the research that storage is presenting a problem across the house. For those lacking internal storage space, 40 per cent are using a garage or shed on the property, 31 per cent a spare room and one in five have no solution, leading to untidy cluttered living, a key issue raised in RIBA’s ‘Case for Space’ campaign in recent years and something that is proven to have an impact on the well-being of occupants.
This is particularly prevalent in new homes with 82 per cent of those already living in new build homes having a desire for more storage space, 84 per cent believing that their storage space could better meet their needs and over a quarter already utilising external storage options.
The desire for better storage – the size of the prize for Britain’s housebuilders
66 per cent of all research respondents agreed that they would pay more for a property with adequate storage space, with homebuyers willing to pay up to £5,000 extra (or 3 per cent of the property value) for bespoke storage solutions in all rooms**, and up to £4,000 extra (or 2 per cent of the property value) for uniform solutions***.
Interestingly, the biggest opportunity for housebuilders could lie with those who paid less than £150,000 for their existing property who would be willing to pay an additional 5 per cent of their property value for efficient storage solutions. Existing new homes dwellers are the most willing to pay more for a property with integrated storage solutions (73 per cent).
With 51 per cent of those surveyed stating a clear preference for built in storage solutions in new build homes, the results indicate that potential purchasers want to be provided with the integrated solution rather than the space to fix the problem and with 66 per cent willing to pay for that solution, the opportunity for housebuilders is clear.
Max Crosby-Browne, Chief Executive Officer of Home Decor, comments: “The desire for more space in our homes is nothing new, nor the widespread perception that new homes are getting smaller with less provision for living and storage. What is new, is the level of understanding this research provides into the preferences and value of better storage for consumers thinking about buying a new home.
“This isn’t about repeating the case for making new homes bigger – that is in the hands of Government and the sector. This is about smarter use of the space that exists and recognising that there is a real value to that for prospective purchasers.
“Given the right solution that maximises the usable space within a home, the majority of homebuyers are willing to pay a premium for effective storage within the home. This presents a significant commercial opportunity for housebuilders to not only differentiate themselves in the marketplace but also drive more value out of the homes they are building, the potential of which scales upwards with the property value.”
For further information, visit www.spaceprocontract.com.
