North London home owners more likely to renovate than to move
North London is seeing the biggest demand for property renovations with six of the top 10 locations north of the Thames, new research has found. The biggest number of planning applications for changes to homes was in Barking and Dagenham with an increase of 114% since 2015 while Islington has the lowest, down 28% in the last two years. Other areas to see a drop in applications included Tower Hamlets down 18%, Newcastle with a fall of 15%, Bracknell Forest down 14% and Stoke-on-Trent also down by 14%.
The research from home service marketplace Plentific also shows that Newham, Croydon, Havering, Sutton, Waltham Forest, Bexley, Enfield, Greenwich and Harrow have also seen a rise in home owners opting to renovate.
Nationwide Luton saw the second highest increase of 59%, with Milton Keynes in third with a 54% increase, and Wokingham with a 42% increase in planning applications. Just one area in the north of England made the top 10 renovation hotspots list where Hull came seventh with a 40% increase while Poole on the South Coast saw a 36% rise and Bournemouth up 34%.
The report suggests that home owners in the North East of London seem to be the most content with the location of their home, choosing to upgrade their properties with renovations rather than sell and move elsewhere. This could also be down to house prices in the area, or simply to improved local job prospects and transport links.
‘We’ve seen a large increase in demand for bigger renovation projects in many areas over the last two years. With house prices seeing substantial rise in recent times, the logical option for many homeowners is to stay and improve, rather than move,’ said Stephen Jury, spokesperson for Plentific.
‘For others, moving up the ladder might not be an option due to price, so they must instead think about expanding their current home. The fact is, many home owners now look at a large garden, garage, or loft as an opportunity to renovate, with the majority thinking of it as an investment in the future value of a property. Plus, with the boom in property prices, there are also plenty of property developers looking at opportunities from making profit from renovations,’ he added.