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13th August 2019
Homeowners prefer building an extension to moving house, says TSB
New research from TSB reveals that 41 per cent of homeowners would prefer to build an extension than move house after changes in planning law. Yet, the research found that 80 per cent of people thought the change in regulations will make disputes within neighbourhoods more likely, with 79 per cent saying they thought that people would have their view spoilt by new extensions.
In May 2019, thousands of homeowners were given the green light to extend their properties without planning permission, meaning that homeowners are now able to improve and add value to their existing home through rear extensions. This means that families who are running out of space in their home will be able to extend their house to create space for their family, rather than move.
As a result of this change in the law, new research from TSB reveals that 19 per cent of homeowners are now more likely to build a rear extension in the next three years. Some of the top reasons for building an extension instead of buying a new house include:
• Attachment to their current house (50 per cent)
• The cost of moving is too expensive (49 per cent)
• The locality is better than anywhere else (25 per cent)
TSB’s research also explored how homeowners would pay for their extensions: 35 per cent said that they would consider re-mortgaging their home in order to afford the extension, which was a particularly popular option for 54 per cent of 18-34-year olds.
Nick Smith, TSB’s Head of Mortgages, said: “It’s no surprise that homeowners cite the cost of moving as one of the biggest barriers to affording a new home or moving up the property ladder. Building an extension is a great way to add extra space without having to undertake the additional costs such as stamp duty and legal fees.”