More people are considering home renovations
in London than ever before, with over 100,000 property owners in the
capital applying for planning permission to upgrade in the year to
March. The figures, published by Homes & Property, support research
from earlier this year that revealed individuals are favouring improving
their current property rather than moving to a new one due to the
current economic climate. According to Homes & Property, there has
been a 40 per cent leap in the number of renovations in London between
2009 and 2015. Basement conversions, kitchen extensions and attic
bedrooms are particularly popular. Saul Empson, director of Haringtons
buying agents, said even luxury basement extensions are an attractive
option for homeowners. “If the alternative is having to pay £1,500 to
£2,000 per square foot for existing space in a new house, why not dig
for extra space in your old house at a cost of £500 per square foot?”
he stated. Associate director of estate agents Aylesford International
Charlie Parkin said stamp duty is one of the biggest factors preventing
people from moving up the property ladder. However, a lack of
availability in the market is creating an excellent environment for
sellers. Paul Smith, chief executive of Spicerhaart estate agents,
claimed finding an ideal property is extremely difficult at the moment.
His company’s data revealed there are currently 20 buyers interested in
every property for sale in the capital. Could now be the time to invest
in improving your home?
