Are you under 30 years old and do you have £93,000 in the bank?
Probably not. But according to Lloyds Bank this is the average deposit paid by London first time buyers. This probably goes some way to explain why Econoloft has seen a sharp increase in the number of families having a loft conversion in London – not for young children – but to accommodate adult children who simply can’t afford to leave home.
Becke Livesey a Director with Econoloft said: “If you are a family of four adults and live in an average three bedroomed house where one of the bedrooms is a box room – life can start to feel very cramped indeed.
“When it looks like the adult children are going to be living in the family home for many years to come, people start to look at where they can get extra space. The answer is often in the loft.”
Econoloft say that in some cases the children pay for the whole conversion or help out their parents with the cost. “When your parents are paying around £35,000 so that you can have a spacious bedroom and ensuite to make your life more comfortable – it’s only fair you should shoulder some of the costs.”
Regardless of who pays for the loft conversion, adding more bedrooms to the family home, especially in Greater London and the Home Counties is always a good idea. Moving from a three-bedroomed to a four-bedroomed home can add at least another £100,000 to a mortgage. A loft conversion will cost considerably less to build. However, as well as giving you the space your family needs now – many commentators agree a loft conversion will add at between 10 – 20% to the value of your home, should you sell in the future. It’s a win, win situation.
With property prices so high, it’s not surprising that the proportion of UK first time buyers in the capital has fallen from 17 per cent in 2013 to 12 per cent in 2018 and the average age people buy their first property is 34 years old.
34 years is a long time to be living at home with mum, dad and siblings. It’s no wonder that families tell us that having a loft conversion, which can often result in the adult children having a floor to themselves, makes for a much less stressful home life and provides everyone with much needed space and privacy.