One day garage or house extension or an en suit bathroom might have been viewed as a symbol of middle-class achievement those days, deep excavations, attic pods and extra bathrooms and bedrooms are considered must have by Londoners.
It mean, because of increase of wealthy European and Non European buyers, a recuperation of the housing market and deficiencies of supply, small refurbishments companies are prospering again.
In 2006 when the property market was booming, more than 1.5m properties were bought. In just 2 years that number dropped 50% to 726,887 according to property website Zoopla. In the UK over 3m house owners found themselves in negative equity as their property values dropped dramatically.
As Banks and other lenders cut their re-mortgaging products, renovation work stopped.
FMB found that in the last quoter of 2008, nearly 2/3 of small construction businesses reported a massive fall in orders and significant cutbacks in number of staff.
Records shows that up to 50k small construction firms have gone in 7 years.
There are over 58k wealthy European house owners just in central London, which is estimate to increase by 12% in 4 years. Nearly 1/3 of buyers of prestigious London’s houses are from abroad, more than ½ living and working full time in the capital.
In result of Europeans demand a different layout to the traditional British family, look of houses changes. A separate dining room is no longer must, but instead that the whole of the downstairs space is opened out so a whole family can spend time together while cooking, watching TV etc.
House refurbishment influenced by European neighbours adding Media/cinema rooms, wine rooms or wet rooms to standard buildings.
The Europeans have an effect on not just top residential market. New way of builds are being adopted by Housing Associations in some parts of Britain, give a boost to specialist building companies and architects.
Popular in North Europe, they have significant lower energy bills: fuel costs for three-bedroom houses come in at £150 annually .