The uncertainty surrounding
Brexit has caused an unprecedented level of turbulence within the UK housing
market, particularly in the areas of Greater London which are heavily invested
in by foreign owners. As a result, many homeowners are becoming more creative in
maximising their space and at the same time increasing the value of their
property. The ingenious solution? Basement
conversions.
Basement conversions
can be the envy of neighbours and a source of pride to those who converted or
excavated underneath their home before the recent economic malaise. However,
new evidence suggests that now could be the best time ever to add a basement to
your home.
In 2001 the
borough of Kensington and Chelsea received only 46
planning applications for basement conversions; by 2014 that figure had
risen to 450. In that year homeowners in London accounted for 75% of all
applications nationwide for basement planning permission. In 2015, 1968 applications
for planning permission were lodged with local councils in the UK, out of which,
not surprisingly, 1497 were in London, up 11% from 2013. A large majority (72%)
of these planning applications were successful.
But why are
basement conversions becoming so popular?
As house prices continue
to soar and the property ladder becomes more difficult than ever to climb, homeowners
are deciding to improve their existing home in ways which will add resale value
in the long term and give them the much-needed space to live comfortably with their
families in the short-term. Weighing up the costs
involved in moving house, such as conveyancing, estate agent fees and stamp
duty, together with the emotional turmoil that families go through in finding
new schools in an area they can afford, it’s not surprising that many people
are considering not just an expansion into the loft space but now into basement
excavation.
A wide range of
services are now on offer from basement
companies in London who can advise you on planning permission, building
costs and design ideas. These services extend to the excavation and creation of
basement swimming pools, media rooms, home cinemas and bedrooms.
With the cost of
digging and underpinning a basement reaching as little as £3,000 per square metre
– basement conversions remain an affordable and attractive option for meeting a
family’s fiscal and leisure needs. Additionally, with the average duration of a
basement project varying from 12-24 weeks – projects can be undertaken and
finished well in time for key periods like term finishes and Christmas
holidays.
While the future
maybe be more treacherous and uncertain than ever, there are still ways to get
what you’re looking for even in a Brexit economy. So, before you think about
giving up, consider digging down.
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