Annual growth in house prices in the UK have grown at their fastest rate in 18 years1, hitting 14.3 per cent in March, up from 12.6 per cent in February. Average house prices have soared to record highs as a typical home now costs more than £265K.
Across London, there’s been a race and growing desire for space, meaning that demand for houses has outstripped that for flats over the past year. House price growth across the capital came in at 4.3% year-on-year, according to Savills.
With the combination of rising cost of living and house prices, new research by Attic Self Storage reveals that Londoners are now looking to spend an average of £5,614 on home improvements in the next year, as it’s getting increasingly challenging to afford to move.
Londoners admitted that the top change they are planning to make is to make the home bigger (60%). This may be down to 44% of people feeling they do not have enough storage at home, which has left 73% feeling frustrated, stressed, overwhelmed and anxious.
This is followed by painting and decorating (43&), creating more storage (35%), sprucing up the garden or outdoors (31%) or making the home function better (25%).
Up to 52% of Londoners launched conversion projects within their homes during the pandemic over the past two years, new research has revealed.
The most popular conversion was to create a home office – with some even transforming a cupboard into a workspace – while others turned their attic into a hobby room, installed a home gym, created a playroom or even built a home bar.
Revealed: The top 5 home conversions made by Londoners during last two years
1. Converted an attic into a hobby room, home schooling area or a home office (14%)
2. Converted a shed into a home bar, home office or hobby space (13%)
3. Converted a garage into a home gym, playroom for a pet or a games room (11%)
4. Converted the area under the stairs into a bathroom, or a playroom for a pet (9%)
5. Converted a room/cupboard/ into a home office (8%)
To create space, Katherine Black, professional organizer at SortMySpace, says: ”Go Vertical. See what you can do to keep the floors clear. When we walk into a room we scan the perimeter to gauge the space, the exit routes, and the features within the space. Being able to see the edges of the room clearly gives the illusion of more space. Check if you’re making the most of your vertical space (eg the walls). Consider adding bookcases and sideboards, wall mounted shelving or heightened cabin bunks etc to maximise the potential floor space.”
CEO of Attic Self Storage, Frederic de Ryckman de Betz, comments: Our research shows the way we live, work and relax has changed over the past few years due to the pandemic, and our homes have continued to reflect that. In particular, Londoners are desperate for storage, especially with the limited space in the capital. However, people are still considering investing time and money into transforming their spaces so that they’re multi-functional and can be used to live and work in ease and comfort.”