Weekend Money: What is home staging - and can it add big money to value of your house? (2024)

ByBhvishya Patel, from the Money team

It started as an American trend but it's now gaining a following. In a struggling housing market, a growing number of sellers are calling in home stagers to help impress buyers and speed up their sale.

Home staging involves redecorating, rearranging, cleaning and other strategies to present the home in the best light - but it doesn't come cheap.

We spoke to five home stagers across the country, all of who charge at least £2,000 for a one-bed flat - and this could multiply several times depending on how bare the place is and how long the contract lasts.

For a three-bed, no one we spoke to quoted less than £3,000 - and often far more if a house is empty. At the higher end of the market, it wouldn't be unreasonable to expect an invoice for between £15,000 and £25,000.

Elaine Penhaul, founder of the award-winning home staging companyLemon and Lime Interiorsand author of Sell High Sell Fast, told the Money blog that estate agents and developers are beginning to understand they need to get all three elements in marketing correct - pricing, presentation and promotion.

"It is something that has been regarded as unnecessary or thought of as an American fad. We have a bizarre relationship with properties in this country where we think people can just see past the clutter," Ms Penhaul says.

"And if people can see past somebody else's clutter, the clutter gives a very strong message that the seller doesn't care about the house. It gives that very strong message on a subliminal level, it's very off-putting."

Ms Penhaul says staging could have a "significant financial impact". Which, of course, she would say - so we spoke to leading estate agents to get their views on whether it's worth the cost.

Sarah Bennett, an associate in Knight Frank's Battersea and Riverside office, says she now recommends her clients look at home staging if they can afford it.

"We tend to find that many buyers lack imagination when it comes to layout and interior design. If a property is completely bare or conversely, very cluttered, buyers struggle to picture themselves living there," she says.

Buyers were increasingly looking at Instagram and Pinterest: "They are used to seeing beautifully staged properties and want to be wowed when they walk through the door."

Steve Brown, from Winkworth's Blackheath office, has a similar view.

He says: "We have seen very strong selling prices from properties that have been staged and having offers from competing buyers can generate a price 2-5% above an asking price, which at average price levels locally is £10,000-£25,000, but can easily be six figures at the higher end of the market."

Friends Jane Cooper and Sharon Johnston, who started their businessDressed2Selltogether in 2003, say that as a guide, they quote under 1% of the asking price - meaning there are potentially big gains.

Ms Cooper says: "I think other countries have been a few steps ahead of us. In the States and Australia the home staging thing is much more a part of the culture."

Now, though, they're seeing an uptick - especially among sellers who want to "get the best price in the quickest time".

One question all this poses is why people can't just stage their own homes?

"We know what works," says Ms Cooper. "We know what will make a good photograph online, the colours that will pop and the layout that will look right."

“We want all the dash with less of the cash. We'll buy something that looks like it has come from Hales but really it will come from Matalan."

Stager Emma Deterding, founder ofKelling Designs,based in London, says people probably could stage a home themselves, but "bringing in a professional is better because they walk in and they know exactly how a house should work".

The industry has been boosted by TV shows such as the LA-based real estate drama Selling Sunset.

Natalie Fernbach, who runs the home staging companyCullum Design, says she has never been busier: "I do wonder if shows like Selling Sunset help - it makes the concept more familiar. For estate agents it's hugely beneficial if clients do it."

We also spoke to Lucy McLaren, who set up her London-based businessStaging By Lucyin 2019. Again, she stresses that staging could have quick results.

"I just did a project for a client, she is an investor. I put the furniture in there and she sold the cottage to the first viewer - they offered the full asking price so it's definitely worth it. That was with it being on the market for just over a week."

For those concerned about the cost, recent years have seen technology develop a cheaper, less time-consuming alternative to home staging.

Mr Brown, from Winkworth, explains: "For vacant properties, virtual staging is a great way of helping potential buyers visualise the space and also get a far better response in generating viewings.

"CGIs of furniture and interior accessories can be used to give buyers inspiration on how their home could look."

If CGI isn't available, and home staging is out of a seller's budget, he has five tips:

• Tidy up and get rid of that clutter for both photos and viewings, and prioritise repairsto your property;
• Have your property photographed in the best possible weather and light, even if it means photographing it a few months early;
• Try to make the rooms look lived in but spacious and tidy;
• Ensure that before each viewing, curtains are open and that natural light in the rooms is maximised. Anything blocking windows should be move;
• Mirrors are a great way of getting light into the property.

Ms Bennett, from Knight Frank, says very personal items or anything too quirky should be removed - and things like fresh flowers, mood lighting and scented candles can help.

It may not come as a surprise, but the prices of a whole range of items fluctuate throughout the year.

It isn't always easy figuring out what is best to buy when - but a price comparison website has dug into the numbers.

PriceSpy has analysed its price history data to help direct shoppers to the best time of year to buy common, popular products.

This table should help:

Its analysis shows January is the best month to look at a new laptop - but also the time to avoid football boots. So if you're in a toss up between that the new Dell or those fresh Mercurial Superflys - you know which to pick.

June is a great month to get yourself a lawn mower but if you're after a barbecue, you're best off waiting until December.

Organised parents can take advantage of LEGO price drops in September for Christmas presents.

PriceSpy estimates consumers can save more than £800 on the "peak pricing premium" by following its advice.

Since launching the Money blog at the start of this month you've been sharing your money-saving tips - and we're going to publish our favourites every Saturday...

Sky News reader Jamie has this hack on car insurance...

Here's a money-saving tip that saved me £500 this year with regards to expensive car insurance. I normally go for no excess of max £100. This year I ramped my excess up to £500 making my renewal deal the same as last year, then bought a £40 excess insurance to bring it back to £0.

Another tip comes from Alasdair Fortnum - this one relates to saving...

When I have a money-off voucher, or I receive my 10th "free" coffee, or I get cash I wasn't expecting, I put that money into a separate savings account. It can be £0.05 or £150 (lottery win). It quickly adds up. The only rule is I have to use it on something fun.

After we reported on the cheapest places to buy petrol, several readers wrote in to point out how much cheaper fuel is at Costco, though you need to factor in membership costs and weigh up if you use enough fuel to make it worthwhile (and also how much it might cost to get to your local branch)...

bvj2016 said...

Cheapest fuel is at Costco, as long as you are a member.

Sticking with fuel costs, Aaron told us...

Use fuel price checker apps to see the cheapest fuel within a 15-mile radius. Saving nearly 10p a litre by travelling to the next nearest town only 10 minutes away at present. Use food apps such as Too Good To Go and get enough food for four people at a fraction of the cost.

Responding to our post yesterday on refurbished phones and how you can get new models for a lot less,Jo Spolton said...

Refurbished phones are certainly the way forwards. I found lots of websites doing this on Rumage.com. I think providing warranties is the norm now. I ended up renting a refurb from music Magpie for my son, he loves it and it's only £10 a month.

Finally, Jay has this...

Save the change from every purchase you make by rounding up to the next pound and putting the difference into a separate place. You can save quite a bit without really noticing it.

You can submit your tips using the form above.

Average mortgage rates have continued to fall this week - despite concern the price war may be ending before it began.

Moneyfacts figures show the average two-year fixed residential mortgage, as of Thursday, was 5.55% - down from 5.62% the previous week. Five-year fixed rates were 5.18%, down from 5.24%.

Santander became the first major lender to announce hikes to some of its mortgage rates this week as lenders' own borrowing costs increased.

These "swap rates" have been coming down since the end of 2023 on market expectations that the Bank of England will soon start to cut interest rates. But, since last week's inflation data that showed a slight uptick, the market interest rate forecasts have shifted.

The central school of thought now is that although the first reduction will still be May, the rate cuts will not be as aggressive as previously thought during 2024.

The financial market forecasts now see Bank rate coming down by a full percentage point rather than by one and a quarter points.

Despite Santander's announcement and this wider uncertainty, Nationwide and Barclays both declared they were cutting rates again this week - and the Moneyfacts data suggests they're not alone.

Energy bills will fall by 16% in April,according to a forecast by the respected consultancy Cornwall Insight.

This would bring a typical annual gas and electricity bill down from £1,928 to £1,620.

Cornwall Insight predicts where the energy price cap for England, Scotland and Wales will go, and its latest estimate comes as wholesale gas prices fall.

We won't find out if the company is right for another month.

"Healthy energy stocks and a positive supply outlook are keeping the wholesale market stable. If this continues, we could see energy costs hitting their lowest since the Russian invasion of Ukraine," Craig Lowrey, its principal consultant, said.

A fall in line with the forecast would bring huge relief to households after two years of spiking energy costs - but bills would still be 60% above the pre-COVID levels of 2020.

Looking further ahead, Cornwall says prices are expected to drop another 7.6% in July, before ticking up by 3% in October.

More than a million train tickets are being slashed in price byup to 50% during a seven-day sale that started this week.

Cheaper tickets are available until Monday as part of the so-called Great British Rail Sale, the Department for Transport says.

The cheaper Advance and Off-Peak tickets on sale are for travel across England and Wales - and cross-border trips into Scotland - for travel between 30 January and 15 March.

No more will be offered once they are sold out.

The BBC has pulled an episode of Dragons' Den from iPlayer over concerns about "unfounded claims" that a product could cure the chronic illness ME.

All six dragons wanted to invest in Giselle Boxer's Acu Seeds, branded a DIY needle-free ear acupuncture product, which she said she created after "diet, acupuncture, Chinese herbs and ear seeds" helped her recovery from the condition.

She struck a deal on the show with podcaster Steven Bartlett, rejecting offers from all other dragons, Gary Neville, a guest appearance, Deborah Meaden, Peter Jones, Touker Suleyman and Sara Davies - a first for the show.

In an open letter to the chairs of two Commons select committees, Action for ME and other campaign groups said they were "very concerned" that the way in which her pitch was presented suggested the product was "responsible for her recovery and should therefore be considered an effective treatment".

ME is a long-term condition with a wide range of symptoms including extreme tiredness, sleep issues and concentration problems, according to the NHS website.

In the episode, which aired on 18 January, Ms Boxer said she established Acu Seeds after seeking treatments when she was diagnosed with ME aged 26.

"Four years ago I was diagnosed with ME. I went from working in a top advertising agency with a busy social life and exercising regularly to being mostly housebound, unable to walk for more than five minutes without having to get back into bed," she said.

"I was told by doctors that I would never recover, work again or have children.

"I went on a personal healing journey using diet, acupuncture, Chinese herbs and ear seeds. Using this combination, I believe, aided my recovery within 12 months."

The BBC said: "We're taking the concerns raised seriously, so we are reviewing the episode and therefore it's currently not available on iPlayer."

The corporation had earlier defended the programme, saying it "features products from entrepreneurs and is not an endorsem*nt of them" and Ms Boxer was sharing a "personal experience that led to a business creation".

Some £5.3bn was transferred to the exchequer by the top 100 taxpayers in the UK last year, according to The Sunday Times Tax List.

The list, which paid 3.3% more than the year before, includes the likes of Ed Sheeran, Anthony Joshua and Bernie Ecclestone.

Here we take a look at the top five as well as other notable entries.

1. Financial trader: The top slot was taken by Alex Gerko, a Russian-born financial trader and founder of XTX Markets, at £664.5m.

2. Formula One boss: Second was Bernie Ecclestone, following a £652m fraud settlement that saw the 93-year-old billionaire businessman spared jail after failing to declare more than £400m held in a trust in Singapore to the government.

3. Betting giant: Denise, John and Peter Coates came third, the family behind online gambling giant Bet365. They paid £375.9m.

4. Gambling fortune: Betfred's Fred and Peter Done and family were in fourth place at £204.6m.

5. Wetherspoons: Founder Sir Tim Martin paid £167.1m.

The youngest single taxpayer to make the top 100 list was singer Ed Sheeran, 32, who paid £39.6m to the exchequer.

The boxer Anthony Joshua was a new entry this year, paying an estimated £12.2m.

If your plans tonight are to watch The Traitors finale, you'll probably be joining half the country in doing so.

The BBC show has proved so popular that a select number of independent cinemas - and even a pub - will be screening it tonight.

Free screenings are going ahead at London Catford Mews, Ealing Project, Birmingham's Mockingbird and Reading's Biscuit Factory.

GRUB Manchester is also hosting a watch party, while The Grain and Hop pub in Cambridge will be showing the programme.

The Bank of England is expected to hold interest rates at 5.25% next week after inflation rose unexpectedly in December, according to financial services company Hargreaves Lansdown.

The Consumer Price Index was 4% at the end of the year, up from 3.8%.

The chances of a reduction in the base rate "look very slim indeed", with three of the nine-member committee that decides the rates having been "ultra-cautious" thus far, said Susannah Streeter, head of money and markets.

Her colleague at the financial services company and head of personal finance, Sarah Coles, has given us her assessment of what this means for savings and mortgages.

Savings

When it comes to savings accounts, it is the Bank's assumptions about the coming year that matter most, Ms Coles says.

December's bump has not changed their view that rates will be cut several times this year, and they are pricing fixed-rate deals accordingly, she says.

Variable deals aren't moving because they are based on what the Bank is doing today, but fixed-rate products have fallen 0.25 percentage points in a month.

"In the coming months, there's a very high chance that rates will fall, so if you don't need the cash right now, fixing and guaranteeing the return for a year or more may well prove more rewarding," she says.

Mortgages

While Santander reacted to the inflation figures by raising rates 0.2%, this is not expected to be widespread and competition in the market remains fierce, said Ms Coles.

"The general direction of travel for rates in the coming months is still likely to be downwards.

"The Santander announcement came sandwiched between cuts from Barclays and Nationwide, so it's the exception to the rule right now."

She said buyers and those seeking to remortgage have two options.

A tracker will drop when the Bank of England cuts rates, but there are no guarantees when or how far they will go.

Or you can lock in a fixed rate deal now - up to six months before the remortgage is due. If rates fall from here, you can ditch the deal and shop around, and if they rise, you've secured a bargain.

Were you issued a voucher by EasyJet because of a cancelled flight during the pandemic?

If so, and if you haven't already used it, you need to redeem it by the end of the month (next Wednesday), when it will expire.

EasyJet said that some £58m worth of vouchers had not been redeemed as of November last year, and as they can't be swapped for cash refunds, those still in possession of them will need to get booking quickly.

It's worth noting the vouchers can only be used for flights with the company - and can't be used towards any EasyJet holiday packages.

Why are so many unclaimed?

EasyJet had previously set a deadline of 31 July last year to redeem them, before announcing it would extend that to 31 January 2024.

As a result, many voucher-holders could have thought they had missed the boat (or plane) - thinking that, as was the case for the counterpart Tui and Jet2 schemes, their vouchers had already expired.

If you have a voucher, clickherefor more information.

The cost of insuring high-value items in your home has increased by 24% over the past year, data shows.

A home insurance policy including high-value cover rose by £58 to £302 between December 2022 and November 2023, Compare The Market found.

Inflation also means more items may now be valued above the maximum amount that can be claimed for a single item on a policy without extra cover (often £1,500).

But policies with extra cover now cost £108 more than policies without it.

"High inflation means some possessions may now be worth more than the single item limit, so the policy will only partially cover the cost of a replacement," said Helen Phipps, home insurance expert at Compare The Market.

"Households should be careful not to underestimate the value of any expensive single items, such as jewellery or a big-screen smart TV."

The typical cost of all home insurance policies has risen by £46, according to Compare the Market data.

Inflation has made it more expensive to repair or replace items, increasing the cost of claims for insurers.