London has seen a boom in home improvement in the least few years. While basements have been dominating the headlines, loft conversions have been a popular way for Londoners to increase the size of their homes without having to move. However, with the UK voting in favour of Brexit, what does this mean for the home improvement industry in London?
It’s still early days and though much has happened since the result was announced on 24th June, what will happen in the long term is anyone’s guess. However, a short term picture is beginning to emerge.
The number of home changing hands is expected to slump this summer. A survey by the Royal Institution of Chartered Surveyors (Rics) found that new buyer inquired declined ‘significantly’ during the month of July. However, demand was already beginning to fall even before the Brexit vote due to higher levels of Stamp Duty and stricter mortgage criteria.
This could mean that the trend to improve not move could gain further momentum. As moving will look even less appealing.
However all of the uncertainty means homeowners may delay plans to improve. Rob Wood from London based loft conversion, extension and basement specialist Simply Construction Group says “to date the impact of Brexit on our business has been minimal. We’ve had quite a few clients delay decisions by a couple of weeks since the referendum result but are now deciding to move forward as there doesn’t appear to be any short-term financial risk.”
As the nation comes to terms with the result of the EU referendum, which saw 52% vote for Brexit, and a new government in place, people are starting to get their confidence back despite the backdrop of uncertainty.
“We don’t know what will happen in the long term. That all depends on the deal we get and how the market reacts to it,” said Wood.
By investing in a loft conversion, you can create the space you need without having to deal with the stresses of moving. If you want to improve not move contact us on 0800 917 7571 or click here to fill out a Free site survey form.Share this: