UK’s Biggest Home-Extending Areas Revealed
The current trends for major home improvement works are great for the construction industry, as homeowners are looking to secure great services and building materials, such as corrugated roof-ing screws and steel cladding sheets, to ensure the best results.
And, according to new research, more homeowners than ever are choosing to extend their home rather than sell up and move on to a new property. The main factor for choosing to extend is the rising costs involved with making a move to a new property, according to the FT.
London is the top area in the UK for homeowners choosing to extend with key areas in the capital such as East Dulwich having large numbers of families needing extra space and choosing to invest in side extensions and loft conversions. This area is the biggest zone for home renovations, fol-lowed closely by Barking and Walthamstow.
However, this trend is not just in effect in London – many areas in the north of the UK are also see-ing huge levels of growth in home renovations. The top areas choosing to extend for the same rea-sons are Yardley wood in Birmingham, Childwall in Liverpool and Stretford in Manchester.
Alex Depledge, who is co-founder of Resi, an online architecture company which carried out the survey spoke to The Financial Times and said: “Hotspots occur outside city centres in places where young families are more likely to settle while many are in areas with high prices, stamp duty and lack of available stock.”
According to the Office for National Statistics, the average purchase price of a property in London is £486,000, which would then incur a £14,300 stamp duty charge, compared to £2,020 for a £226,000 property – the average across the whole of the UK.