When it comes to extensions, orangeries are all the rage. Adding space and light to a property, a bespoke orangery can be designed exactly to your tastes while adding value to your home.
According to a recent article in the Times, extending your home can be especially lucrative in the long run if you happen to live in London’s most prestigious borough. Kensington and Chelsea is highly sought after and extending a property here can add more than £200,000 to the value of your home.
With the price of a property in the borough averaging at around £2 million, householders stand to see an uplift on their asking price of £212,706 after building an extension such as a bespoke orangery – that’s after construction costs have been accounted for.
According to Lucian Cook, director of residential research at Savills estate agency, the trend for this kind of property improvement is still going strong. The company recorded 23,700 extensions completed under permitted development rights in the year to June 2017, the article states.
“In London, where the costs of moving are highest and mortgage regulations restrict people’s ability to trade up… one person is looking to extend or improve for every 3.2 housing transactions,” commented Mr Cook.
Earlier this year, the Office For National Statistics unveiled a new tool that works out the value of a square metre of property in different areas around the UK, helping householders decide whether extending their property will pay off. In Chelsea, the value of one metre squared is £19,439, making it the most valuable location in the UK, followed by the City of London, Westminster and Camden.