Renovations add £6.5 billion to the value of UK homes
July 21, 2015
Property owners in Britain are estimated to have added £6.5 billion to the value of the UK housing market in the last year, according to new research by real estate adviser Savills.
One of the easiest and most effective methods of renovating a property is, of course, turning a basement or cellar in to a dry liveable space. Doing this can increase the space in the average two-story home by around a third, often without the need to receive planning permission.
You can certainly see why renovations and extensions are a “wise” investment, but what has sparked this surge in property transformation?
Renovation - More than meets the eye
Around 220,000 home-owners in the UK extended or transformed their home since this time last year, which is nearly 1 in every 74 properties.
“The cost of taking the next step up the housing ladder and the difficulties in acquiring the mortgage finance to do so appear to have encouraged a significant proportion of owner occupiers to extend or alter their existing home,’” said Lucian Cook, head of Savills UK residential research.
“Changes made by the mortgage market review and increased stamp duty for properties over £1 million are both likely catalysts to home improvements, impeding the rate and volume of transactions in the market.”
Boom in areas with high property prices
The Savills report also suggests that there is more tendency to renovate or extend in areas with higher property values.
“High value markets have generally been the strongest performers post credit crunch. Extending has therefore been both more financially viable, with owners recouping the money spent on home improvements through house price growth and more attractive given the relative costs of upsizing,” said Cook.
Waterproofing your basement
Basement waterproofing is a fundamental component of a quality basement conversion. Ensuring a permanently dry space is the only way to make a room below the ground suitable to live in.
Wise Basement Systems work to the British Standard BS8102, (Code of Practice for Protection of Structures Against Water From The Ground) and are approved by trade bodies such as the Property Care Association, Trust Mark, Safe Contractor and Constructionline.
If you want to discuss making your basement or cellar a waterproof living space call 0808 256 4538 or find your local branch.