There are many reasons why people decide to carry out home improvements on their property. Some people just love to evolve their home and a lot of people get bored of what is currently on offer at their property. However, the fact that it is so difficult to find another place and afford the move, or guarantee the sale of your current home is a major reason why many people are looking to carry out improvements in their own home.
This is especially the case in London where ever though the London property market is booming, this isn’t great news for everyone.
With house prices sky rocketing in London, many home owners find that they are unable to upgrade to a bigger property. They may be able to sell their current home but unless they bring in a sizable profit for their property sale, they will find themselves in limbo. This has created the situation where more people in London and the south east of England are carrying out significant home improvements.
The situation in this part of the UK is more notable than the rest of the country, which indicates the demand for bigger property in the English capital.
Figures released by Lloyds Bank have shown there is a sizable increase in the number of people who are looking for capital to carry out home improvements. The largest reason for this capital has come in the form of adding an additional bedroom to a property.
It is easy to see why a growing family would want to add more space to their property. The figures indicate that 34% of people looking to make home improvements have undertaken considerable projects in the vain hope of increasing value at their property. This provides property owners with a double edged benefit.
The percentage of redevelopments to create more space at home stands at 38% in the South East, a figure which is considerably higher than the average around the country. This signifies the limited number of properties on offer in the south east of England. This is an excellent place to stay and it is clear that people are keen to stay in the local area but the lack of available properties is a clear stumbling block when it comes to finding the perfect home.
Improving the size of a home can help a family
Boosting the size of the property will be of immediate benefit to a family because it will ensure they can stay in their current home. If a family is settled with children in school and feeling at home with the neighbours and the local area, this is the best solution for all concerned. However, there is a longer term benefit that comes from undertaking major work. Investing in home improvements that increases the size of a home will lead to the property being more attractive to potential buyers.
This should have a knock-on effect of raising the price of the property. This means that when the family or homeowner decides to sell, they should be able to obtain a better price for their home, which will make it easier to find a property that suits their needs and budget.
Finding the finances to facilitate a home move may be out of reach for many people but by being clever and investing in the current property, there is an opportunity for home owners to put plans into place that will see them obtaining the home of their dreams sooner rather than later. There is clearly a need for patience in the current London property market.
This can be difficult if you are unhappy or unsettled with your current home but by taking a few additional steps, especially with respect to making improvements around the home, it is possible to greatly increase the value of your current property. When you consider how busy the London property market is, this may be a move that makes a massive difference to the options you have at your disposal.
While this is not a solution that is suitable for people who are currently not on the London property market, these are not the only people that are suffering problems in the property market. If people currently with property cannot find a way to move up or upgrade, there will always be a blockage. This is why finding a way to help people on the property ladder in London move up will be of benefit to everyone.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 8 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.
