Homeowners in London wanting more space can save themselves an average of £21,335 in stamp duty by staying put and converting their lofts. So says Kunle Barker, MD of Illustrious Homes. He commented: “Many of our customers in London want more space, but don’t want the hassle and expense of moving. Loft conversions allow people to cost effectively create additional space without the upheaval and high fees of moving to a new property.
“Illustrious Homes has specialised in providing loft conversions in the London area for many years, allowing clients to benefit from the additional space converting a loft brings. Loft conversions have been carried out for many reasons: to create larger master bedrooms with en-suite bathrooms; two new bedrooms or self-contained studio apartments.”
The average price of a house in London is more than £290,000* and homeowners can add on average £240,000 to the value of their properties by converting their lofts with Illustrious Homes. Buying a property of this value would incur a stamp duty liability of more than £21,000 – an amount many families would rather avoid paying. Add to this the stress of selling your home before buying a larger property and the attraction of loft conversions grows.
The designers at Illustrious Homes have developed a method, compliant with the relevant building regulations and standards, which allows the maximum living space to be created in the lofts of the traditional Edwardian and Victorian terraced villa properties common on London.