According to recent trends, it is clear Londoners are realising that it is much more beneficial to extend and renovate a home rather than moving house.
With the slow down of the housing market and increases in stamp duty which really raises the cost of moving home. Many Londoners have opted to extend their homes rather than move.
According to an article from Glenigans, in 2017 private housing R&M construction output rose by 10.9% on the previous year, compared to a smaller rise in all construction work of 5.7% and a fall in public housing R&M construction of 4.2%. The positive trend in the sector seems to have been sustained in the opening months of 2018.
What type of house renovations are people having done? Very popular in London are loft conversions. Loft conversions can be a fantastic way to gain an additional bedroom with en-suite bathroom or perhaps you are more creative and want to turn your loft conversion into an art studio or a cinema room.
Home extensions are very common these days with families. Many families are opening up their kitchen/living area and having a large kitchen extension with a dining area for all the family to enjoy. Many houses in London still have basements so another great opportunity to extend your home is renovating downwards.
Not only will get the extra space you need by not moving home but it can be a fantastic return on your investment.
To find out how much of an ROI you can get on your loft conversion or home extensions enquire with the local estate agent on the cost difference of your house to another one in the same area with an additional bedroom and bathroom. You will be amazed in London at the price difference and this does not even take into consideration the legal fee’s of moving home.
For example in the centre of Ealing a 3 bedroom house is approximately £925000 and a 4 bedroom would be £1,225,000.
With loft conversions costing around £50000 and home extensions around £40000 then you could make a whopping £250000 return on investment.
You can now understand why so many people in London are quickly realising extending your home is the best way forward to take away the hassle factor and get a large return on investment.