Towards the end of 2021 over 360,000 people in the UK wanted to move house. However, extending or adding a loft conversion continues to be a great option for homeowners who love their location, but require more from their current property.
In London, however, loft conversions are incredibly popular and continue to be preferable for those living in the Capital, especially when compared to adding an extension.
Why is extending upwards, and not outwards, the best option for many people with a home in the Big Smoke? Is there still a choice to be made between extensions and loft conversions?
If you’re considering making more of your property in London with an extension or loft conversion, we’ve got you covered. As you plan your project, consulting with a party wall agreement surveyor london is essential. We’ve taken a look at all the reasons London homeowners love making more of their loft space and avoid extending outwards. Let’s take a closer look at why loft conversion popularity is rising in London:
Why Are Loft Conversions Rising In Popularity In London?
Loft conversions are rising in popularity across the UK as people opt to make the most of the space they have, rather than moving home. In London, though, loft conversions are particularly popular and here are some of the reasons why:
Investment Opportunity
The average house price in London is £519,934 and although property has a high value in the Capital, London house price value rises tend to be slower annually compared to other parts of the UK.
However, this is expected to have stalled because of a cost of living increase and an overall hesitancy over buying in the Capital. Many people are also relocating to more rural or serene locations post-pandemic, which is why the beautiful South West has experienced a 12.9% price growth per property on average – the highest in the UK.
The fact remains, though, that property value in London is unlikely to lose value, so it is always a great investment.
If you already own a property, adding a loft conversion can add 21% to your properties worth, which translates to huge numbers depending on your London location.
In addition, the opportunity for renting out that loft space on Airbnb is lucrative, with the average London listing on that site currently sitting at £125 a night. Or, an extra long-term rental arrangement opens up the chance to make £500-£700 a month in room rent.
Speed & Affordability
A loft conversion does take time and it isn’t cheap, but with the right loft conversion company it can be completed at a competitive price, and within a reasonable timeframe. With a great loft conversion company you’re saved the stress and time involved in managing your own build or moving house.
Even better, it’s likely to be less disruptive and costly compared to an extension. An extension requires footings and drainage, to name just a few preparations. You are also likely to need planning permission for an extension, which can also be necessary for some loft conversions, but sometimes it isn’t, again saving more time and money.
Holding Onto Outdoor Space Matters
Outdoor space became like gold dust during the height of the Covid-19 pandemic as the 87% of households in the UK with a garden depended on those spaces for a slice of nature, when pretty much everywhere else was out of bounds.
In London, the number of homeowners with gardens is lower, and sits at around 61% overall, so having a garden at all in this area is already something to be treasured, pandemic or not.
The number of homes with green space and the public green space in London overall continues to shrink too, sadly, as every square footage in the Capital can be open to a change in use for things like car parks, new properties and tarmacked driveways through a process called ‘garden grabbing’. That means that the number of houses with gardens in London will continue to shrink, and those outdoor spaces may become smaller as homeowners choose to extend outwards.
So, overall, it isn’t difficult to see how gardens in London are incredibly precious, and it’s easy to see why most people want to keep hold of them for the foreseeable future. They are an asset. Loft conversions simply don’t impact on those outdoor spaces at all, enabling homeowners to protect their tiny slice of nature.
Maximising Indoor Space
85% of people in the UK would love to enjoy a mixture of working in the office and at home, something that looks highly likely for many, as industries like the communication and information industry look to increase homeworking by 50% or more in the near future.
That, and the rise of entrepreneurialism and freelancing, means a home office is not just a positive, but a necessity these days.
A loft conversion offers the perfect opportunity for a gorgeous home working space flooded with natural light and perhaps some lovely views too. Of course, this extra space can also be an extra bedroom, a creative space, a social area or a playroom – the possibilities are endless.
Loft conversions transform the dead space that you already have in your home into a liveable area you can utilise in any way you like.
Staying Put & Avoiding A House Move
Moving house can be really expensive because of the time that it takes to stay off work and get the actual move completed. Paperwork, solicitors, estate agents, moving vans – the costs of this life change can also rack up quickly.
You can avoid these costs by opting for a loft conversion instead, which is also preferable if you actually don’t want to leave your home anyway. Perhaps you love the area, the neighbours, the schools, the views – you just don’t have the space you need.
By adding a loft conversion you can enjoy more space in the house, space that is otherwise used for storage.
You make your perfect place functional once again and you get to stay, avoiding the stress and cost of a house move in the process. Money spent on a loft conversion is then reinvested into the house, hopefully boosting its value and the home’s value to you and your needs.
Let The Light Flood In
Trees and large shrubs can cut off the natural light from the lower rooms in your house. Skylights and windows in your new loft conversion, however, usually sit above those plants and so you get all the benefits of the natural light in the aesthetic it provides, and the health boosts it brings you and your family. Depending on your location, you might also get a better view of the surrounding area too because of this new elevated position.
Will Your London Home Be The Next To Get A Loft Conversion?
Loft conversions are rising in popularity in London, and it’s not difficult to see why. The question is, will your home be the next to make the most of this fantastic home renovation opportunity?
If you are thinking of investing in your property with a beautiful new loft conversion, do take the time to choose a fantastic company to complete the job. That way, you can enjoy all the benefits listed above and more without having to compromise on the process, or the results.
