No luck selling your home? Start digging
Wise owners who can’t sell their homes in a stalling market are taking advantage of this time by making their houses the best they can be. Rather than dumping hundreds of thousands of pounds in stamp duty and moving costs they are spending their money on improving and extending.
Love them or hate them, basement digs are everywhere. There has been growing pressure on the Government to relax current planning laws and we are now seeing home extension schemes being approved that probably wouldn’t have been before, including more relaxed planning laws for ‘airspace developing’ (what we used to call ‘going up a floor’).
In 2016 someone with too much time on his hands studied the rooftops of central London and concluded that London has sufficient developable space on its rooftops to deliver a minimum of 180,000 homes, worth approximately £54bn. There has been growing pressure on the Government to relax current planning laws and we are now seeing schemes being approved that probably wouldn’t have been before.
So, with Stamp Duty being so high, extending up or down to maximise space, equity and/or rental yield has never been more attractive. In particular, with the fall in central London rental values, we have been advising our landlords to use naturally occurring void periods between tenancies to carry out these types of works as its probably only a matter of time before either local authorities or the Chancellor introduce a sliding scale tax on building works. ”
Our Property Management Service organise all manner of works, from leaking shower trays to basement digs, from gutter clearing to roof extensions and excel in delivering your expectations of quality while keeping costs under control. Whatever project you are considering please contact Tiburcio Sanz to discuss what we can do for you.
Enjoyed the insights shared by our property experts? This article first appeared in Mews News: click here to read the full magazine.