27 Feb Basement extensions increase in popularity
Research from insurance company Direct Line has shown an increase in basement extension applications in the UK over the last few years. The number of applications increased by 9% between 2013 and 2015 with around three quarters of applications granted. The research found that 75% of these applications were for extending or building basements in London, and we’re pretty sure we’re responsible for a good portion of that number.
In London alone there has been an increase of 11% in planning applications for residential basements. Basement extensions are relevant all over the UK as they can add a lot value to your property, however they do not work in every location. The majority of basements built in the UK are based in London, there are a few reasons for this – among them are:
- Space – with space at a premium most residents in the city don’t have room to extend out or up and so digging down is the best option.
- ROI – the return on your investment is greater in London as the value of property is often measured in £/sq ft; therefore increasing your property size will see greater return.
- Cost of moving – property in London is expensive, everyone knows that, and with the new stamp duty legislation the cost of moving house is even higher for example if you were to buy a house at £1,650,000 the stamp duty mean that you’d have to pay £111,000 before you’ve even got the keys.
If you are considering building a basement, make sure you contact us. We can manage the planning applications and all relevant reports required to give you the best chance of having your application approved.
It has become increasingly difficult to gain planning application from local authorities over the past few years but we are able to boast one of the highest success rates in the business. Our combination of experience and unparalleled expertise in the basement design make us the most respected Basement Design Professionals in the sector.
If you would like to talk to us about the possibility of building a basement under your property or are unsure of the first steps to take, you can call us on 01628 826066 or drop us an email. You can also follow us on Facebook, Twitter and Instagram.