Living: Put your money in the loft
In the last quarter of 2002, local councils received more than 75,000 domestic planning applications — 13% higher than in the same period in 2001. Most were applications to extend a house or flat. The increase is partly due to uncertainty about the economic climate.
Owners are worried about the time it will take to sell their house and the tens of thousands of pounds it costs to move once stamp duty and estate agent and legal fees have been paid.
Then, of course, there’s the price of a larger home. When you’ve done the sums, you could easily find that adding to the capital value of your home with an extension is better value for money than trading up.