The unstoppable growth of the London housing market never ceases to amaze us. With critics and commentators predicting a sudden crash and burn out on an almost daily basis, the robust value of properties inside the M25 sets them apart from house prices anywhere else in the UK.
Back in August, Estate Agents suggested that a freeze on price rises in the capital was imminent, and according to reports, this is starting to happen in some areas. But in North East London, the property buzz shows no signs of fading.
Those who live and work in the area recognise the potential of places like Walthamstow, Chingford and Haringey, and it’s extremely likely that, within the next five years, Chigwell, Woodford or Wanstead will become the next Hackney or Bethnal Green, with a host of well-known bars, restaurants and retailers looking to move into these areas.
Less expensive areas, such as Leyton, Enfield, Ilford and Leytonstone offer great value for money, and loft conversions are a brilliant option for new buyers who are looking to quickly add the kind of value to their property that will push it up into a higher price bracket.
The exact added value that comes with converting your loft is dependent upon the type of property and the area in which you live. But most reports reveal that a new loft conversion will add at least 20% to the value of your home.
Some analysts believe that 40% is a more accurate figure.
Whatever the percentage, there can be no doubt that a loft conversion will add significant value to the price of your home, and in North London, the influx of young families and well-paid professionals is providing the kind of demand that developers and investors relish.
Our market spotlight shows just how much your property’s sale price could increase, if you convert your loft and make more use of the wasted space under your own roof.
|Area||Average house price paid (2014) *
||New price with a loft conversion|
|Haringey||£524,000||£628,800 – £733,600|
|Chigwell||£469,000||£562,800 – £656,600|
|Wanstead||£389,000||£466,800 – £544, 600|
|Leytonstone||£379,000||£454,800 – £530, 600|
|Woodford||£378,000||£453,600 – £529,200|
|Walthamstow||£356,000||£427,200 – £498,400|
|Chingford||£331,000||£397,200 – £463,400|
|Leyton||£316,000||£379,200 – £442,400|
|Enfield||£302,000||£362,400 – £422, 800|
|Ilford||£298,000||£357,600 – £417,200*|
As you can see, adding the new room(s) that a loft conversion creates can easily elevate your Ilford property into the Walthamstow price bracket, and could even see your Woodford home sell for the price of a comparable Haringey property.
If you live in North East London, Hertfordshire or West Essex and would like to arrange a free, no obligation quotation, call us today on 01279 654 716 or fill out our online contact form.
*All prices sourced from zoopla.co.uk and are accurate as of 21/1/15.