This page contains a Flash digital edition of a book.
HOMES


ALL UNDER ONE ROOF


New fi gures show that many families are improving their homes rather than moving, due to the cost of upsizing


If you want to move from a three bedroom to a four bedroom house in London, the cost of upsizing ranges from £282,900 to more than £500,000. This is before you add the costs of fees, surveys, moving and so on.


The London boroughs of Merton, Wandsworth, Hammersmith and Fulham, Kingston and Richmond upon Thames have all experienced price growth exceeding the London average of 51 per cent over the past five years putting bigger properties well out of reach for many growing families needing more space.


And if you examine these key boroughs closely, you can see where these price


points get hottest. For example, in the London Borough of Richmond, the average four bedroom house is valued at £503,288 more than a three bedroom house, in Hammersmith and Fulham it will cost you £322,426; whereas in Wandsworth it takes a ‘mere’ £282,900 to bridge the gap.Then you can add stamp duty, mortgage arrangement fees, solicitors’ fees for selling and buying, removals costs, survey fees, estate agent’s sellers’ fees (commonly 1.5 per cent of the property price) and any repairs or decoration that the new house requires.


It doesn’t look like things are going to change any time soon. Despite measures that have been put in place to stem the rise in house prices — including April’s Mortgage Market Review bringing in stronger means testing — and the expected rise in interest rates, concern over the affordability of housing is growing, as a raft of indicators point to further price rises in the coming years: positive economic forecasts are predicting a move from recovery into expansion and growth, the GDP is up from 1.7 per cent last year to 3.2 per cent this year, and unemployment rates continue to fall.


It’s probably not surprising, then, that homeowners in London are increasingly choosing to save the ‘capital cost’ of moving house and invest it in improving their existing space. According to the Council of Mortgage Lenders, the value of loans to London home owners for re-mortgage in Q2 of this year has shot up by 22 per cent (to £2.8bn) since Q2 2013,


as they seek to improve rather than move, and specifically improve by creating more space under their roof. If it is space you seek, the average cost of a loft conversion is around £53,477.


‘With the costs of moving going through the roof, it’s no wonder growing families or people looking for an office or guest bedroom are investing their money in loft conversions instead,’ says James Gold, founder and director of Landmark Lofts. ‘It means they can not only add that extra room, to their own exact specifications, but usually a bathroom or en suite too, plus a lot of extra storage and incredibly valuable enhanced square footage for when they do eventually come to sell.’


What’s more, it’s easier than ever. ‘The updated planning regulations mean that having a loft conversion is nothing compared to the hassle of a house move,’ Gold explains. ‘People are always amazed that the loft can add an open-plan area that replicates the entire footprint of the house — and with house prices and the associated costs rising the way they are right now, for the typical London family it’s not just a luxury, it’s a necessity.’ t&l


With thanks to Landmark Lofts for the statistics. www.landmark-lofts.com


WANDSWORTH PROPERTY PRICES


The average price of a 3 bedroom house in Wandsworth is £895,000, compared to £1,152,000 for a 4 bedroom house. Source: Zoopla Property Group


timeandleisure.co.uk . January 2015 . 47


BIG BUILD


CREATING SPACE


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110