According to the latest research from TSB, 41% of homeowners would rather build an extension than move house after the changes in planning law.
The research discovered that 80% of people thought that neighbourhoods would dispute more due to the changes in regulations. On the other hand, there are 79% claiming they thought that people would have their view spoilt by new extensions.
In May 2019, thousands of homeowners were given permission to extend their properties without planning permission. This meant that families that were running out of space in their home will be able to extend their house to create extra space for their family, rather than move homes. Therefore, homeowners are able to improve and add value to their existing home through rear extensions.
The research from TSB also shows that the changes in regulations revealed that 19% of homeowners are more likely to build a rear extension in the next three years.
The main reasons for building an extension instead of buying a new house include:
• Attachment to their current house (50%)
• The cost of moving is too expensive (49%)
• The locality is better than anywhere else (25%)
Furthermore, TSB’s research also covered how homeowners would pay for their extensions, 35% said that they would consider re-mortgaging their home so they can afford the extension. This was a particularly popular option for over half (54%) of 18-34-year olds.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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