House Extensions Homing in on the UK Property MarketPublished on 23rd July 2015
In recent years we’ve seen some dramatic shifts in the UK property market. When recession hit we saw an almost stock still housing market, prices soared and moving up the ladder – whatever your rung – was near impossible. To start with, this spelled disaster for the property market as well as the much-in-need-of-recovery economy. Then, slowly but surely, your average UK homeowner began to wise up.
By adding a home extension, kitchen extension or loft conversion to your home you could increase the value of your property by 15% as well as creating the extra space you need – without having to go through the hassle of a move. These savvy recession hit homeowners did just this; investing what money they had back into their homes through extensions of all kinds.
The housing market is now, thanks to an improvement in the economy and the government’s various help to buy schemes, back on track and the ladder once again on the move. But those savvy homeowners – whether they’re still living in the same property; making the most of their loft extension when grandkids come to stay or they’ve sold up; passing their open plan kitchen extension on to someone else (along with the rest of their home), far from wasting their money by extending their homes, now reap the benefits.
The knowledge home owners tapped into during the crash has stuck and more people are now choosing to improve, rather than move, than ever before – with some even purchasing homes with the immediate intention of adding a kitchen or home extension. This is commonly true in built up areas such as London and other urban cities as larger properties rise in value; becoming largely out of reach for most buyers. Even those firmly on the ladder are craving more space, with 24% of people across the UK bemoaning their homes as not big enough, arguing that, as property prices continue to rise, the trend towards improving over moving is here to stay.
Kitchen Extensions are now by far the most popular home improvement across the UK – as we know the kitchen is the heart of the home – and with the rise in popularity of open plan living kitchen extensions are the perfect way to modernise any home. Loft conversions too, have seen a real surge in popularity, as people seek to use every inch of space available in their current homes – or, conversely, offer as much space as possible to prospective buyers. This is the type of renovation you’ll often see in inner city properties and homes with little, or no, outdoor space available to extend onto.
In general, home extensions of all kinds are a great way to create extra space in the home, inject new life and increase your resale value. With 23% percent of people, back in October 2014, quoting an increase in value as the main reason they spend money on their homes, the extensions market is fast become the answer to all our property problems.
*all stats provided by ‘Britain at Homes Survey, Lloyd’s Bank, October 2014
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