Unlike our cover star this issue, which is a fantastic four-storey home inspired by the Fab Four, not all self-builds are created as ‘forever homes.’ Sometimes you may want to be in control of your home’s design and build, and live in it post-completion, but you still have an eye on resale in the future.
This is why in the case of Greater London at least, the fall in house prices will not be welcome news to many self-builders looking to the future. In fact it is one reason why the capital has seen a big increase in owners improving and extending existing homes, rather than fruitlessly attempting to sell up.
The other main reason is that the Government has recently relaxed permitted development rules, including changes to national planning policy to enable up to two stories to be added to a home.
A piece of recent research by Oakmore Builders sampled five Boroughs, and found that home renovation and extensions had increased by 250 per cent over the past five years. For example, Bromley saw no development certificates issued in 2013, but 485 issued in 2017.
While the Government may have freed things up in terms of planning somewhat, this is not likely to completely offset what is likely to be a persistent downward trend in the south east at least, with Brexit looming. This could mean that renovation will be the focus for many, going forward – people looking to capitalise on their asset and provide a futureproof home for their family.
James Parker