New Data Shows Interest for House Extensions Hits All-Time High in 2020
Over the last year, we’ve all been forced to spend a lot more time at home as the coronavirus pandemic has wreaked havoc on our health system, our economy and our social lives. Across the country, people have been making the most out of the situation and taking the opportunity to get on top of all those jobs at home they’d probably been previously putting off.
For some, that has meant getting the garden into shape, for others it has meant nothing more than decorating the spare bedroom. But many have chosen to take on much bigger projects – with one effect being that it has been almost impossible to get hold of certain materials at the DIY stores.
At the same time, there has also been an explosion of interest in home extensions, while estate agents report that house hunters – presumably those without the space to expand their existing properties – are showing more interest in homes in the countryside, with gardens or with extra rooms (with prices rising to match demand).
Perhaps all that enforced confinement has made us appreciate our homes a bit more – they’ve stopped being just a place to eat, sleep and watch telly. Or maybe because having been working from home for the last year, people have decided they quite like it and want to create a more comfortable and permanent home office. Either way, people are after more space in their domestic lives, and those with the ability to do so are looking to extend their existing properties.
The data backing up this assertion comes from a number of sources. Google has reported that the search term ‘house extension’ hit an all-time high over the course of 2020, while builders and conservatory companies are getting more enquiries than they sometimes know what to do with.
Is it worth it?
Obviously it’s going to depend on the size of your extension, the current value of your property and where you live (do check you’re not already at the ceiling price for your area before committing yourself), but it is generally recognised that adding extra space to your property will add at least the equivalent in value to its potential sale price.
Nationwide Building Society found that a double bedroom with en-suite added to an average three bedroom house could add 23% to the value of the property. Meanwhile, a recent report in The Daily Telegraph suggested that a £20,000 extension could add 11% worth of value (approximately £33,000 on the average UK home). So it seems that getting that extension can not just solve your short-term space dilemmas, it can also be a wise long-term investment.