The recent Home Improvers of Great Britain survey by Barbour ABI reviews the trends in planning activity across the country. Their findings are interesting as it shows that consumers are still opting to do home improvement projects including extensions rather than move house. There are many reasons for this and their conclusion is that ‘home improvement is sensitive to economic activity,’ as the number of home improvement applications do closely track economic growth.
Barbour ABI Survey
When the Barbour ABI survey reviewed house extensions measured by the number of planning applications during the last two years for every private home in the borough St Albans was the top location in the country. According to Barbour ABI St Albans ‘has seen, on average, one application annually for an extension for every 35 private homes in the borough.’ This compares with a Great British average figure of just one application for every 120 homes.
Amy Kadir, Lonsdale Mortgages mortgage broker and member of the St Albans mortgage broking team said:
‘There is a link between the number of applications for extensions and relatively high house prices, which is one reason St Albans appears in the top spot for house extensions. Our Lonsdale mortgage brokers in St Albans are currently offering clients who are looking to re-mortgage because they are extending their home mortgage advice by reviewing their mortgage options. If you are considering extending your home or undertaking a building project and are considering re-mortgaging I recommend you read my article – How to fund an extension or building project. Since April 2018 Lonsdale Mortgages has appeared in the ‘How to fund the project’ section of the Planning Advisory Booklet sent from St Albans District Council when your planning permission is granted. This booklet offers really useful information for anyone undertaking an extension or building project. The Lonsdale Mortgage broking team offer a free initial mortgage consultation for anyone wanting mortgage advice or a review of their mortgage options. Contact us on 01727 845500 for more information.’
Please note - As a mortgage is secured against your home or property, it may be repossessed if you do not keep up repayments'.
For more information read: Amy Kadir, Mortgage Broker, St Albans gets excellent mystery shopper score