Loft conversions in London and other similar extension projects for homes across the U.K. can potentially increase their values by roughly 22 per cent, according to a Nationwide Building Society report
The possible increase represents an additional £42,700 to a property’s worth. By adding just one extra bathroom, you could also uplift the valuation of your home by almost £9,600, or 4.9 per cent according to the report. NBS based its findings on average house prices in the country.
An increase in floor area could further raise its value to 5.1 per cent, amounting to £10,000, while an extra bedroom will make your home 11 per cent more expensive.
NBS chief economist Robert Gardner said that home buyers consider loft conversions and other home extension projects to be indicators of a property’s quality, that’s why they are willing to pay more than usual for the extra space.
In general, those who plan to add a double bedroom and an extra bathroom to their house could have a value that’s more than 20 per cent higher compared to a three-bedroom, one-bathroom property, according to Gardner.
The trend of adding more space to homes in the U.K. can spur price increases for properties. Certain trends contribute to the price growth and if you want to be familiar with the factors affecting prices in your area, there’s a new digital tool to help you.
MyPropertyGenius is a new online tool that helps homeowners in keeping up with the latest trends in their local property market. In London, loft conversions are some of the factors that affect property values in the city. You can find out more about this under the tool’s Area Trends categories.
The other two consist of Property and Lifestyle Trends, which users can rely for information about the pace of sales in a certain area, average asking prices, proximity to dining and social facilities among other amenities.