Building an extension becomes more popular due to planning law change
Two in five home owners in the UK would rather build an extension than move house after changes in planning law, new research has found.
Some 35% say they would re-mortgage their home in order to afford an extension and 80% think that new planning laws will make disputes within neighbourhoods more likely.
Overall the study from TSB reveals that 41% of home owners would prefer to build an extension than move house after changes in planning law. Yet, 79% say they thought that people would have their view spoilt by new extensions.
In May 2019, thousands of home owners were given the green light to extend their properties without planning permission, meaning that home owners are now able to improve and add value to their existing home through rear extensions. This means that families who are running out of space in their home will be able to extend their house to create space for their family, rather than move.
As a result of this change in the law, new research from TSB reveals that 19% of home owners are now more likely to build a rear extension in the next three years. Some 50% would build an extension as they want more space, 49% say the cost of moving is too expensive and 25% want to stay put as they love the location where they stay.
The research also looked at what home owners would pay for their extensions. Some 35% said that they would consider re-mortgaging their home in order to afford the extension, which was a particularly popular option for 54% of 18 to 34 year olds.
‘It’s no surprise that home owners cite the cost of moving as one of the biggest barriers to affording a new home or moving up the property ladder. Building an extension is a great way to add extra space without having to undertake the additional costs such as stamp duty and legal fees,’ said Nick Smith, TSB’s head of mortgages.
According to James Ginley FRICS, technical director of Legal & General Surveying Services, pointed out that where space is at a premium quite simply adding floor area adds value.
‘However, good design, layout and functionality of homes is increasingly important. Home buyers want the space but tasteful extensions and modern open plan living areas offered by extensions are value generating,’ he added.
Kindly shared by Propertywire