Why Are So Many Homeowners Converting Their Lofts in North London?
It’s official – homeowners in North London have increasingly been converting their lofts instead of moving, part of a trend which looks set to continue into 2020.
Rather than this being a passing trend, there are plenty of sound, economic reasons why increasing upstairs space instead of increasing the mortgage has become popular in North London boroughs, including:
Adding value to your North London home
North London boroughs such as Barnet, Enfield, Haringey, Camden and Islington explore extending their current homes to create bigger ones rather than exchanging their existing homes and mortgages for something at least one bedroom larger. An average two-bedroom home in North London, extended with a loft conversion to become three bedroomed, has an approximate average increase in value of +20%.
Not all home improvements are cost effective, but are carried out reasons which are for remedial, cosmetic and aesthetic or even down to personal tastes. A loft conversion may of course be carried out for any of these reasons too but tends to be mostly carried out to improve the size and quality of living space. With the increase in property value afforded by a loft extension far outweighing the very reasonable costs for standard (and even high-end) specification loft conversions from professional loft specialists, loft conversions repeatedly prove to be extremely cost-effective home improvements – from both the additional space achieved for the household and the value bonus when the time does come to sell.
How much value could you add to your home?
Nationwide Building Society have done some recent research into the value a loft conversion will add to a home and have stated that up to 20% more property value can be added with the extension of a loft conversion. So homes valued at £400k in North London could expect a value enhancement of up to £80k when adding in a double bedroom and bathroom. Now that is a tidy profit and worth the hassle if you have only spent £40k on the entire loft conversion.
Avoiding the cost of moving
Average house moving costs are now approximately a staggering £31,000 – a rise of around 14% since 2015. For homes in North London specifically, Stamp Duty tax is one of the main culprits for this huge cost, as this alone can add costs of around £22,000 to buying an average family home. In many cases, an average standard loft conversion can be less than this, so by staying put and extending with a loft conversion, many households are actually saving rather than spending money on moving costs.
Rarely is planning permission required
Most loft conversions do not require planning. The only situations that require planning are the following:
- If the loft conversion is to be undertaken in a demise defined as a flat or a maisonette.
- If the conversion is in a building that is listed grade 1 or 2.
- If the property is located in a conservation area. Here, the rules are complicated so please note our consultant will need to investigate the full details of the type of restrictions that may be applied.
- Areas of outstanding natural beauty and greenbelt countryside.
- There may be specific covenants on your property which will be on your title deeds.
Planning rules were changed in 2008 making the loft conversion process much easier. A detached or semi-detached property has 50m3 of extension allowed, and a terraced property has 40m3 allowable. This is the amount of added volume you can add to your roof when you build your attic conversion.
If you have existing extensions, even they are roof extensions your “Permitted Development Rights” may still be intact, so please allow us to advise you when we visit. In some cases, there may be a covenant on your property which could affect extensions. These are sometimes common on new developments where the builder or the planners have restricted some extensions to protect the look of the development.
Loft conversions is where we as a company excel and have become the most proficient at. Here at The Entire House, we have become one of the best companies to work in the areas of Fitzrovia, Hendon, Finsbury Park, Alexandra Palace, Hampstead and others. We do our utmost to understand the needs that you have as a customer. We understand that if you are converting your loft, you have a specific vision and a dream in mind for that room so we do everything to understand that vision and make it become a reality. The project of a loft conversion is an incredibly delicate one, and that is why we take our utmost care while we are working on our projects.
Speak to one of our representatives about your loft conversion requirements and to receive a free quote. You can contact us on 033 0123 0065 today and we are always happy to be of assistance with any help that you need.