Is London becoming Overpriced?
Is London Becoming Overpriced?
No one would choose to live in a shoebox, but with London prices many feel they have no option, other than to live in a home far too small for their needs.
With increased working hours and the stresses of modern life, struggling to live in a too-small property is an added stress on many families.
With growing numbers of twenty and thirty-somethings unable to save the hefty sum required for a mortgage deposit, these are the consequences. Having no choice but to stay living with parents, an already crowded house can be filled almost to breaking point – with no end point in sight.
And for those who can afford to increase an already painful mortgage, what are their options for upsizing? Well unfortunately the sheer demand for property in London has seen a flood of developers snapping up properties the instant they go on the market. With many houses having already been converted into multiple flats, it is extremely difficult to find a property with enough space for a modern family.
The demand for properties in London shows no sign of abating, as demonstrated by the sheer volume of wealthy foreign investors buying property in the capital.
For those who have lived in London all their lives, the reality is that lack of property supply could seriously jeopardise their ability to stay living in the capital. Being priced out of the city you’ve called home for all of your life, is a harsh reality facing many Londoners.
With good school places in short supply, many young families simply feel unable to leave their neighbourhood – and thus school catchment area – to start from scratch outside of London.
So what’s the answer?
When you are settled in a great area, a home extension is a fantastic solution to small living accommodation. Extending can be considerably cheaper than moving and leaving an area you love. Extending your house also has the attractive benefit of significantly increasing the value and sales potential of your home. Moving house can be very expensive and unsettling for a family.
Many Londoners have jumped onto the flat conversion trend – a savvy way to repurpose adjoining flats into a much larger apartment, or back to the original house they were created from. With all amenities and utilities in place in the properties, this can be a great way to create a good size home in an area impossible to purchase a similar sized property in. In turn this is likely to have a great effect on the property value of the finished project. A new planning scheme introduced in 2013 is converting offices into flats under ‘prior notification’.
Perhaps the smartest move in London however, is roof top development. With such densely built areas, going up can be a great way to create more space – and discover amazing views you didn’t know existed! With clever use of roof space and elevations, a roof top development can be designed to seamlessly blend in with all types of properties.
Considering the floor space of the roof area, the potential for increased living space is likely to make for a vastly improved home. Loft conversions are largely popular in the capital as they can build under permitted development.
Is it any wonder many Londoners are taking the smart option of extending their home, instead of leaving the city, to get the living space they so desperately need?