There are many times when homeowners will feel they need more living space. It might be because they have a growing family. It could be because they want a room for more storage, or it might be that they want to have extra space to host visitors.
A couple of options exist. One is to upsize, moving home to a new place that gives you the space you need and perhaps has some other attributes your current home lacks, such as a bigger garden. Alternatively, you can extend your existing home or convert a space such as the loft to create more space that way.
Right now, there are particularly good reasons to get a loft conversion in the West Midlands, which are connected to the property market. These are both national and regional.
The latest house price survey by the property website Zoopla has shown prices are now moving into negative territory. Although the annual average price was still up 1.2 per cent in the year to June, this was down from 1.9 per cent in the year to May and the site believes the point where mortgage rates rose above five per cent is a ‘tipping point’ for the market.
Consequently, Zoopla expects prices to drop five per cent over the course of 2023 and while that may sound like good news for bargain hunters, it also means your own home will command a lower price.
Moreover, the analysis has noted there are regional variations at play, with more expensive areas set to see greater falls. So if your home is in a higher-priced area of the West Midlands, such as Solihull or Sutton Coldfield, the drop could be greater.
On top of all this is the higher cost of taking out a new mortgage. The Bank of England’s decision to hike the base rate to five per cent may not be the last, as inflation remains stubbornly elevated, so this could soon be even costlier.
Because of these market conditions, now may be a good time to upgrade your home with a loft conversion, giving you the extra space you need as well as boosting its value, which would otherwise fall.