This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/money/2017/aug/23/underground-basements-halifax-loft-conversions-extend-properties
The article has changed 5 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Going underground: number of Britons digging basements soars | Going underground: number of Britons digging basements soars |
| (17 days later) | |
| Britain has seen a 183% increase in planning applications for basement extensions, as homeowners barred from climbing the housing ladder by high prices decide to burrow down instead. | Britain has seen a 183% increase in planning applications for basement extensions, as homeowners barred from climbing the housing ladder by high prices decide to burrow down instead. |
| The number of loft conversions has also risen dramatically, according to mortgage lender Halifax, in a bid to circumvent a soaring property market. However, it is basements that have seen the most rapid growth, with neighbourly spats among the side-effects of a building trends that also brings noise, dust and subsidence in its quest for more living space. | The number of loft conversions has also risen dramatically, according to mortgage lender Halifax, in a bid to circumvent a soaring property market. However, it is basements that have seen the most rapid growth, with neighbourly spats among the side-effects of a building trends that also brings noise, dust and subsidence in its quest for more living space. |
| Henry Pryor, a London-based property agent, said that with the cost of climbing the property ladder now so eye-watering, many people were doing whatever they could to improve properties rather than move. “Stamp duty, estate agent fees, conveyancing and inevitable improvements to a new home all mean that punching up into the attic or digging down to create more space is now a viable alternative for those who are moving just to get more space,” he said. | Henry Pryor, a London-based property agent, said that with the cost of climbing the property ladder now so eye-watering, many people were doing whatever they could to improve properties rather than move. “Stamp duty, estate agent fees, conveyancing and inevitable improvements to a new home all mean that punching up into the attic or digging down to create more space is now a viable alternative for those who are moving just to get more space,” he said. |
| He added: “Kids’ bedrooms tend to go up and, since utility space for bikes or laundry or even a man cave with cinema or playroom don’t need natural light, they can go down and give an expanding family the elbow room that would otherwise necessitate a costly move.” | He added: “Kids’ bedrooms tend to go up and, since utility space for bikes or laundry or even a man cave with cinema or playroom don’t need natural light, they can go down and give an expanding family the elbow room that would otherwise necessitate a costly move.” |
| Halifax analysed planning data for England, Scotland and Wales over the period January 2012 to December 2016, and found that basements had soared in popularity, especially in London. It said the number of planning applications for basement conversions totalled 3,064 in 2016, compared with 1,084 in 2012. The top 16 local authorities for basement planning applications were all London boroughs, said the bank. | Halifax analysed planning data for England, Scotland and Wales over the period January 2012 to December 2016, and found that basements had soared in popularity, especially in London. It said the number of planning applications for basement conversions totalled 3,064 in 2016, compared with 1,084 in 2012. The top 16 local authorities for basement planning applications were all London boroughs, said the bank. |
| The capital’s subterranean living boom has inevitably triggered high-profile disputes too, as multimillionaires look to expand their already sizeable pads. Led Zeppelin guitarist Jimmy Page has been locked in a row with pop star Robbie Williams over plans by the former Take That singer to create a two-storey basement in his west London home. The billionaire founder of the Foxtons estate agency, Jon Hunt, is pushing on with plans to build a multi-storey basement in his Kensington home despite objections from the French embassy, while artist Damien Hirst overcame objections to plans for a mega-basement in his £40m home in Regent’s Park. | The capital’s subterranean living boom has inevitably triggered high-profile disputes too, as multimillionaires look to expand their already sizeable pads. Led Zeppelin guitarist Jimmy Page has been locked in a row with pop star Robbie Williams over plans by the former Take That singer to create a two-storey basement in his west London home. The billionaire founder of the Foxtons estate agency, Jon Hunt, is pushing on with plans to build a multi-storey basement in his Kensington home despite objections from the French embassy, while artist Damien Hirst overcame objections to plans for a mega-basement in his £40m home in Regent’s Park. |
| However, the Halifax figures also reflect concerns that are hitting people far lower down the housing ladder than pop stars and artists. Many people who would like to trade up to a bigger property currently feel they have no choice but to stay put. Some of those who are digging down or building upwards have decided to do so because, with house prices having risen much faster than incomes – the average price in London is £584,000 and nationwide it is £219,000, according to Halifax – they feel their “next home” is simply too far out of reach. Added to that, a clampdown on mortgage lending following the credit crunch has restricted potential borrowing in some cases. | However, the Halifax figures also reflect concerns that are hitting people far lower down the housing ladder than pop stars and artists. Many people who would like to trade up to a bigger property currently feel they have no choice but to stay put. Some of those who are digging down or building upwards have decided to do so because, with house prices having risen much faster than incomes – the average price in London is £584,000 and nationwide it is £219,000, according to Halifax – they feel their “next home” is simply too far out of reach. Added to that, a clampdown on mortgage lending following the credit crunch has restricted potential borrowing in some cases. |
| Pryor said the basement and loft extension boom was “depressing news for estate agents”, but added: “I expect to see this trend continue. If you can get the necessary consents to expand your property, then the increased value you add to it should make the decision easier.” | Pryor said the basement and loft extension boom was “depressing news for estate agents”, but added: “I expect to see this trend continue. If you can get the necessary consents to expand your property, then the increased value you add to it should make the decision easier.” |
| He added: “Moving house is right up there with bereavement and relationship breakdown in the fun stakes, so very few people actively chose to do so without a pressing reason. With less stock than usual and the added costs and upheaval of relocating, the bill for extending your current property can often be tacked on to your existing mortgage, especially given how much additional equity many will have accumulated since they first bought.” | He added: “Moving house is right up there with bereavement and relationship breakdown in the fun stakes, so very few people actively chose to do so without a pressing reason. With less stock than usual and the added costs and upheaval of relocating, the bill for extending your current property can often be tacked on to your existing mortgage, especially given how much additional equity many will have accumulated since they first bought.” |
| The Halifax figures show that the number of basement conversion applications has been above 3,000 a year since 2014, when the total hit a high of 3,867. Meanwhile, the number of planning applications for loft conversions has climbed from 34,822 in 2012 to 49,649 in 2016. | The Halifax figures show that the number of basement conversion applications has been above 3,000 a year since 2014, when the total hit a high of 3,867. Meanwhile, the number of planning applications for loft conversions has climbed from 34,822 in 2012 to 49,649 in 2016. |
| Melanie Backe-Hansen, a historian and the author of House Histories, said the trend for extending downwards “represents a big shift in the way we think about our homes. If we look back to Georgian and Victorian times, the basement is where you’d have found the kitchen and the servants’ quarters, and was certainly not viewed as a space to be used for family life.” | Melanie Backe-Hansen, a historian and the author of House Histories, said the trend for extending downwards “represents a big shift in the way we think about our homes. If we look back to Georgian and Victorian times, the basement is where you’d have found the kitchen and the servants’ quarters, and was certainly not viewed as a space to be used for family life.” |
| The problem of many existing homeowners struggling to trade up was exacerbated by the credit crunch, though movement among homeowners has in fact been in steep decline for almost three decades, according to the Council of Mortgage Lenders (CML). | The problem of many existing homeowners struggling to trade up was exacerbated by the credit crunch, though movement among homeowners has in fact been in steep decline for almost three decades, according to the Council of Mortgage Lenders (CML). |
| Before the recession, there were about 1.6m home sales a year in the UK, which plummeted to 860,000 in 2009 but has since recovered to around 1.2m. In a report published in June, the CML said the shortfall was largely the result of “missing movers” – mortgaged homeowners not moving up the housing ladder. | Before the recession, there were about 1.6m home sales a year in the UK, which plummeted to 860,000 in 2009 but has since recovered to around 1.2m. In a report published in June, the CML said the shortfall was largely the result of “missing movers” – mortgaged homeowners not moving up the housing ladder. |