Homeowners in London, it would seem, have a favourite type of home renovation – the loft conversion. The loft conversion is becoming increasingly popular and since around 2017 is increasing in popularity at a rate of knots.
The question is, just why is London such a hotspot for loft conversions. To get a better idea, we spoke with Clapham Construction Service, London’s leading loft conversion specialist on why this particular type of construction is so popular in the UK’s capital.
The Only Way Is Up
It all boils down to the benefits and in some cases, the restrictions. Let’s face it, London isn’t exactly awash with space. Streets are narrow and homes have limited outdoor space as it is, so for most, the notion of removing even more of the limited garden space they already have just isn’t possible.
Let’s make it clear, however, loft conversions aren’t merely a second-best option. For the most part, they’re the perfect choice because not only do you gain extra space but you get to keep your garden space and in most cases, increase your property value between 20% – 35%. In London, it’s all about going up and here’s exactly why…
Property Value
On average, loft conversions will increase your property value by around 20%. Having said that, a recent report by the Abbey Partnership showed that your average two-bedroom home in North London for instance, with a loft conversion taking it to three bedrooms, could in some cases see an increase of 35% or more.
Cost-Effective
Not all home improvements are what’s considered cost-effective. Some are simply carried out to suit a certain style, a homeowners taste or even for remedial purposes. Loft conversions, however, while they may well be carried out for the above reasons, offer a far more cost-effective option for the simple fact that they’re often just making use of space that’s already there. Loft conversions are proving to be extremely cost-effective time and time again.
Avoid The Cost Of Moving Home
The cost of moving home can be astronomical for some. While right now, stamp duty has been alleviated for those buying a property under £500,000 until March 2021, if you’re purchasing over that price boundary then you’ll still be paying a nice chunk. Come March 2021 and stamp duty will be back to what it originally was, taking average moving costs to around £31,000.
Reduced Risk
With the distinct lack of housing in London, a great number of homeowners see it as far less risky to simply stay put and extend their current homes, as opposed to selling and attempting to upsize in what is right now a very uncertain market.
Contact Clapham Construction Today
If you’d like more information on loft conversions in London then we highly recommend contacting the specialists at Clapham Construction Service today on 0203 950 7957.
Clapham Construction Service are the leading experts in loft conversions in London, not only are they familiar with the often narrow streets and common obstacles that come with that but they also boast over 20 years experience in the construction industry.
