The UK housing market is currently experiencing a boom following Rishi Sunak’s stamp duty holiday for properties up to £500,000. For our clients, the average stamp duty saving will be £15,000. Yet perhaps this incentive has been a little too successful – last month, the average cost of a house in the UK rose by over £3,000 as a result of the market hitting all-time record highs. So is moving now really the best option for you?
Last week, the first stage of the Housing Secretary Robert Jenrick’s shake up of the planning system took effect, with new permitted development rights allowing building upwards on existing buildings. It is now possible to extend your home upwards without the need for Planning Permission. This includes detached, semi-detached, terraced houses and even blocks of flats. Importantly there are no restrictions on properties in the Green Belt. Adding an additional storey to a property can increase its value by up to 30%, which is likely to be worth more than that saved with the stamp duty holiday.
It is important to be aware that some criteria must be met to ensure your proposal complies with the new relaxed legislation. If you are considering expanding your home and want to find out more about how it could make the most of this new legislation, call TPArchitects at 01628 412388 or email enquiries@tparch.co.uk.