Many property owners preferring basement extensions to moving, especially in Westminster

Many property owners preferring basement extensions to moving, especially in Westminster

More property owners are choosing to stay put and improve on what they already own instead of moving, new research reveals.

According to Resi.co.uk, an online architectural platform which analysed 1,000 enquiries made in the 17 months leading up to March 2018, most enquiries made were for ‘ground-floor rear extensions’, while other forms of extension and loft conversion were also popular, especially from property owners in London.

Of the enquiries for basement excavations, a high proportion of these enquiries came from property owners in prime London areas, including Westminster.

Resi.co.uk has carried out research which looks at the cost of moving home in London and found that many homeowners are choosing to extend their properties and enlarge their homes instead of moving to a new property.

However, this research by Resi.co.uk may not paint the whole picture, as property owners in prime London areas are more likely to use non-digital architectural services when choosing to excavate a basement or extend downwards.

High property prices and therefore higher rates of stamp duty are discouraging some would-be sellers from moving.

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Financial Times

Tags: Westminster

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