Expansion is on the up and out in properties in South West London, reports Jeff Bathija, Area Manager at Andrews, who says that there is a trend for extending properties with basements, lofts and extensions
Property prices in South West London seemingly know no bounds and so there is an emerging trend for extended properties. Here Jeff Bathija, Area Manager at Andrews, discusses the appeal of these properties and what they offer to both homeowners and purchasers.
In recent months, we’ve seen a surge in extended properties coming on to the market through our offices in South West London. These can be properties extended at the rear, or into the roof, and often, they’ve been extended in both directions!
To put it simply, space in South West London is at a premium and as property prices continue to rise many home owners opt for extending as a means of making their properties meet their needs for longer, as well as adding value over the longer term.
There’s no magic formula for exactly what impact an extension can make on the overall value of a home, but it’s fair to say that a well-planned extension could result in the property gaining in value by as much as one and a half times the cost of the work itself.
In recent years, local councils have made it easier for homeowners to make alterations to their properties and planning permission isn’t always required. Some extensions can be done under ‘permitted development’ which removes the need for planning permission, but given there are always exceptions to this rule (especially if you live in a conservation area), then we’d always advise checking with the local council before proceeding with any structural changes to your property.
Deciding whether to go up or out with your extension will ultimately depend on what you need your home to provide, but it’s always worth bearing in mind what prospective purchasers in the future might also look for.
Ground floor extensions to the rear of a property, or basement expansions depending on the layout of your home, can allow for the creation of large open-plan living and family areas which are currently very popular. Loft extensions, meanwhile, provide the opportunity to add an extra bedroom, often a master suite, to the home. Both will undoubtedly add value, but pay consideration to what future purchasers attracted to the area are likely to want and need as well as what you fancy at the moment.