Some of the most common questions we are asked by householders considering converting the loft of their home is "Will a loft conversion really add value?", and if so, "How much value will a loft conversion add to my property"?
The simple answer is yes, a loft conversion will add value to your property. The average across all the boroughs of London is an increase of:
To provide a true picture of how much money a London loft conversion could add to a property we have completed a study comparing the values of two bedroom and three bedroom London houses using www.rightmove.co.uk (2017 data), with the aim of illustrating the potential value increase of converting the loft of a two bedroom home in order to create a three bedroom home.
Here is what we did:
- We have looked at over 1000 two and three bedroom comparable properties in each of the 32 London boroughs to find the average percentage increase in value for each borough.
- We have then split the Boroughs into four sections to find the average percentage increase in value for each area
- North London average value increase (click for details)
- South London average value increase (click for details)
- East London average value increase (click for details)
- West London average value increase (click for details)
- In all cases the two properties used for comparison are identical in style, be it two mid terraced properties, two semi-detached homes or two town houses. Where possible the two properties being compared are in the same street and no two properties are further than one street apart.
The results really do make interesting reading. The average percentage increase in value between a two bedroom and three bedroom home within London as a whole is +24.39%. West London shows the highest average percentage increase with an average figure of +27.75%, whilst East London the lowest with an average increase in value of +21.99%. North London and South London show average increases of +24.77% and +23.86% respectively.
Of course in monetary terms, the potential increase in value will vary according to the value of the two bedroom property. Using London’s average percentage increase of 24.39% to illustrate the point, a two bedroom house valued at £300,000 has the potential to rise in value to £373,170 if a loft conversion were added to create a third bedroom. Adding a loft conversion to a two bedroom property valued at £500,000 in order to create a third bedroom could increase the property’s value to an impressive £622,000. Now that’s a lot of added money.