Why A Loft Conversion Could Be A Very Timely Step
If you live in a town like Telford and want to upsize in your next house move, now may seem a tricky time to do so. House prices may have dipped a bit, but mortgage costs have soared after a series of base rate increases.
However, one of the biggest problems is that the number of new homes being constructed is low and falling, a problem not just in Shropshire but across the UK as the housing market slows.
New figures from the National House Building Council have shown that the number of new home registrations in England in the second quarter of 2023 was down 42 per cent on the same period in 2022. Every region except London saw falls, with the West Midlands plunging by 54 per cent with just 2,877 new properties.
This means the number of options for anyone seeking a bigger house is shrinking, making it harder to find one that is suitable. In such circumstances, it makes sense to consider the benefits of a loft conversion in Telford.
Not only could this give you the extra space you are looking for, but it brings further benefits too. You don’t have the upheaval of moving home, while the improvement can add significantly to the value of your home if and when you do sell up and move at some future date.
How the housing market will progress in the coming years is uncertain. Speaking at a housing development that is taking place in the West Midlands, prime minister Rishi Sunak signalled a possible watering down of current targets to get 300,000 new homes built per year by the mid-2020s.
Saying he was “proud” of the “progress” made in raising housebuilding numbers so far, he said: “But we’ve got to do it in the right way, I don’t want to concrete over the countryside, that’s something that is very special about Britain.”
That may not just mean lower numbers of homes being built, but a larger proportion that are constructed in regions like the West Midlands being built on brownfield in bigger urban areas such as Birmingham and the Black Country, rather than newer towns like Telford.
