21 Jan Not just a Londoner…
Is it too late to be wishing everyone a Happy New Year? We hope you all had a wonderful festive break and the bump back down to office/everyday life hasn’t been too traumatic.
We have been working on some new and exciting projects which are a little unusual for us. In the past we have worked on basement projects based in Central London and the surrounding areas. Where property values are high and so extending the property will increase its value and it makes more sense to add space rather than move – we’ve spoken about this before!
Cheaper than moving?
In London, the rising value of property combined with the high expense of moving house has meant that, digging down to create a basement and a whole new floor is often the most economical way to gain more space – without the hassle and turmoil of going through the house move process.
This set of circumstances isn’t exclusive to just London anymore. With Brexit on the horizon and parliamentary unrest on every news feed, people are beginning to hesitate when it comes to buying and selling homes in the UK. As a result, we are seeing more and more enquiries from people outside of London reaching as far as the Chilterns.
We have recently been instructed to undertake a project in Medmenham, Buckinghamshire where we will be linking the main house (a listed building) with a newly built annex. The beauty of working in such an area is the amount of space there is to play with. We are feeling very positive about the planning application and look forward to reporting back to you on how the project goes.
The London Effect
The London effect is also apparent in some more affluent areas of the south east, where people find it more economical to extend their property with a basement than to move. After all, if you live in a £1m home and wish to move to get more space, the chances are you will need to pay more than £1m to find a property in your preferred area and once you apply stamp duty to a property at £1.2m you’re stamp duty payment will be around £64k PLUS your moving expenses. So, suddenly you’re paying nearly £100,000 more than the property price before you’ve made any improvements or painted a single wall.
Maybe a basement excavation project is just what you need to give your current home a new lease of life?
Get in Touch
If you are thinking about undertaking a basement project or extending your property this year make sure you give us a call. We are the leading specialists in basement conversions and design. You can call us on 01628 826066 or email us. You can also follow us on Facebook, Twitter, Instagram and LinkedIn for all the latest updates.
Image credit: mubus7