Daily Mail April 12th 2014 By Sam Dunn and Victoria Bischoff
Rocketing house prices have triggered an extended boom because owners cannot afford to trade up. Demand for builders, plumbers and electricians have soared as families desperate for extra space spend tens of thousands making their property larger instead.
That is cheaper for many than buying a larger home and means there is no stamp duty, estate agent’s fees or removal costs.
The number of home owners having major work carried out rose by more than a fifth in the first three months of the year and Royal Bank of Scotland has recorded a 26% rise in customers looking to increase their mortgage to fund bigger kitchens, loft conversions and conservatories. Mortgage Broker London & Country says requests to extend existing loans are up by 7 %.
Much of the demand is from families trapped by soaring housing prices. Owners moving to a £600,000 home face a £24,000 stamp duty bill, plus removal costs and estate agent’s fees that could total £7.500.
“COST OF A MOVE CAN BE EXORBITANT”
Depending on where you live, a single extension of up to three metres can cost between £20,000 and £50,000, a loft conversion from £20,000 to £40,000 and conservatory from £5,000.
Rated People, a website which helps find tradesmen, reports a seven-fold leap in major home improvements over the past year. And the number of requests for home extensions between January and March rose by more than a fifth compared to last year.
Marek Mossakowski, director of Rated People, said “Its been extraordinary. Demand has soared over the past few months, as ever-increasing house prices make a move very difficult for many. The cost of a move to get more living space can be exorbitant, so an extension which costs much less can be very good value.”
Part of the boom is also down to a change in planning laws, allowing most owners to extend their ground floor by up to six metres – about 20ft – without having to submit a full planning application to the council.
This recent article above echoes what we at Swift already know. There is no doubt that more people are staying where they are for a multitude of reasons. What used to pose an enormous problem for those needing more space is now being answered. Swift Home Extensions and Swift Garden Rooms are actively finding solutions for those who are looking for practical extra space which can offer flexibility and flare in its design and practicality. If you are looking to create more space then please go to our website to investigate what we can do for you, how we can do it and more importantly, learn why we continue to add to our list of delighted clients . Whether you’re looking for a home extension, a detached garden room extension or a commercial space, Swift can do this with quality, efficiency and a smile!