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Capital city sees boom in refurbishments

There has been an increase in renovations in London in recent years due to high property prices, a study has revealed.

Statistics gathered by Dataloft have shown that home improvement applications increased within London during the last three years. The figures have suggested that a space shortage has increased the total of these the applications by around 15% since 2015. If this type of behaviour is emulated elsewhere in the country, there may well be an increase in demands for floor sanding in Liverpool.

Sarah Beeny, a property specialist, has told the Daily Telegraph:

“Renovating is an excellent option if you don’t quite have the budget to move house. Moving can get extremely expensive and I can definitely see why many homeowners are looking to improve what they have rather than move.”

The volume of extensions in London has been on the rise, which has fed economic sectors like interior design. Demand for loft extensions has been high, while conversions of basements have become popular as well.

James Gold, the director for Landmark Lofts, has revealed that the West of London is one of the areas in which home extensions have become popular. Gold has suggested that this is because moving up the property ladder is particularly costly in this quarter of the city.

According to interior designer Sophie Coles, other factors have influenced the behaviour of property owners. She has contended that economic uncertainty has had an impact on the housing market. In addition, she has argued that potential shifts in taxation have influenced sentiment.

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