South East Homeowners Lead The Way In Home Extensions
Homeowners in the South East are more likely to extend their home than those in any other region in the country, according to new research by Extend-A-Room.
Findings have revealed that more than a quarter (26.5 per cent) of our 2008 sales-to-date came from counties in the south-east of the country, in particular Hampshire, Surrey and East and West Sussex.
The results follow the recent news that house prices have lost 12 per cent of their value during the year to the end of September, according to the Nationwide Building Society.
Craig Miller, managing director, believes the lack of mortgage finance is preventing homeowners from taking the next step up the property ladder, prompting people to extend rather than move.
He said; "In the current economic climate homeowners who need more space, maybe to accommodate a growing family, are struggling to make the move to a bigger property.
"Over recent months Extend-A-Room has seen a sharp increase in the number of homeowners who have chosen to extend, rather than move. This trend appears to be more prevalent in the South East of the country where property prices are estimated to have decreased by over three per cent.
”Adding an extension also increases the value of your property add does not incur the legal fees, estate agency fees or stamp duty associated with moving house - an attractive prospect for homeowners given the current state of the property market.”
With the property market not expected to begin its recovery until 2010, we're now preparing ourselves for a busier-than-normal autumn rush in advance of the festive period.
