Building Extensions to Homes Might Not be the Answer

Building Extensions to Homes Might Not be the Answer

Opinium Research and Plentific have been in collaboration together in order to try and determine what it is that makes homebuyers’ minds tick when they decide to choose one property over another and the results have been a little surprising. What the figures indicate first of all is that there is indeed a growing general opinion based among the 2,001 people that were surveyed that building and constructing extensions are not necessarily the way forward for increasing the buying price of one’s home. Indeed, whilst this had been viewed in the past as one of the primary reasons for why some houses are higher in value than others, it seems that among actual property buyers this in itself is not necessarily a guarantee that the buying price of a home will be raised just because the home was fitted with a large extension on it: there are other factors to consider.

With this in mind, it will be interesting to see what impact this will have on the building and construction industry: it is possible to speculate that it could result in less and less commissions for extending homes. Although areas around the country have seen a soar in property prices, such as the London Borough of Barking and Dagenham, it seems that adding extensions are not the only way of enabling the asking price of a property buyer to be as high for the home seller as possible. Only 34 per cent of those surveyed said that an extension would persuade them to buy the property, whilst other factors such as a how new the bathroom and kitchen areas of the property ranked much higher up on the list.

One wonders whether these findings will help to indicate how the rate of extension building on properties in existence all over the United Kingdom and it seems that people are beginning to prioritize other factors rather than the traditional ones that one might initially expect.

Building Extensions to Homes Might Not be the Answer
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Building Extensions to Homes Might Not be the Answer
BDC July 2022 issue - 294

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