The number of basement
conversions in London is on the rise, as the city’s wealthiest
residents dig deep into their homes – and pockets – to add space. A new
report from US-based media outlet NPR explored the capital’s trend for
mega basements in more detail. David Greene, host of NPR’s Morning Edition programme, said
most homeowners often extend their property by expanding outwards or
upwards. However, in London’s cramped inner-city areas, this isn’t
always possible. Reporter Robert Smith said many wealthy Londoners have
little choice due to historic restrictions preventing them from building
work that is visible from the street. This has resulted in a boom for
‘iceberg houses’, which refers to properties that are bigger below the
ground than above it. “It is a simple calculation. London real estate is
so expensive that adding any extra space is worth the money,” he
explained. “Usually, you can double your money.” According to Mr Smith,
basement conversions that cost $1.8 million (£1.23 million) to build
will add roughly $3 million to the value of a home. These comments come
soon after Home
& Property revealed a 40 per cent leap in the number of
renovations that occurred in London between 2009 and last year. Basement
designs were particularly popular, with the high cost of moving seen as
a major driver of subterranean expansion projects. If you’d like to find
out more about basement conversions in London, or have any specific
questions regarding planning consents, get in touch with us here at The
Oxford & London Building Company.
