The Rising Costs of Home Improvement in London

After an unprecedented year for many of us, it seems that a year locked in our homes has made us all realise that we need more space! Due to a lack of social events, many of us have managed to save money through the pandemic. As a result, the construction industry has seen a surge in the number of people able to move forward with their construction plans, and with that, a rise in prices. So, how much does it cost to have a loft conversion post-COVID?

During the pandemic, many of us have had to work from home and spend many hours inside with our family members. For some of us, this has been delightful, but for many others, it has been incredibly difficult! Even for the closest family units, a year in lockdown has highlighted the importance of having your own space at home to work and to relax uninterrupted. Many homeowners have used their pandemic experience as a reason for wanting to renovate their home, adding extensions and loft conversions.

The result of this has been felt strongly by construction firms and building teams everywhere. With heightened demand, many building teams have been building non-stop throughout the pandemic, going from one project to the next with no respite in-between. The demand has been so high that many building teams will now only take on the most expensive projects, as these are projects they can make the most profit on. These two reasons alone are a big contributor to why loft conversion and home extension costs have recently increased.

Supply & Demand

Another major factor that has affected the building industry during the pandemic is that there is a global shortage in building supplies. No industry was able to predict what the pandemic would mean for supply chains, with high pressure on many items that previously faced a steady flow of supply and demand. With many workers themselves being hit with COVID, and the devastating effect of long COVID, the supply chain has suffered and struggled to recover quickly for several industries. Building materials have also faced this issue, with shortages and delays in receiving the necessary materials to construct loft conversions and home extensions. This has meant prices have risen whilst demand is higher than ever, making your building project more expensive and harder to carry out.

In light of these issues, the cost of domestic building projects has increased by several thousand pounds to cover the hike in building material prices. With building teams in such high demand, they can afford to pick and choose projects they wish to complete, leaving the smaller projects to be pushed to one side. For example, in 2020 standard rear dormer loft conversions would cost around £36K +VAT, whereas nowadays prices have increased anywhere from 10-20% depending on the size and specification of your loft conversion. For stand rear extensions, the starting price in 2020 would have been approximately £40k +VAT, but today’s costs would be around £50k +VAT. A stunning side extension, loft conversion, and top to bottom refurbishment of a victorian home that cost £120K + VAT would now cost around £140K +VAT.

At Simply Loft and Simply Extend, we are endeavouring to keep delivering projects of all sizes, with minimal changes to costs and a re-launch soon of our finance packages to help spread the cost of your loft conversion.  Whilst the higher building materials does increase the cost of your project, we will keep you informed of prices and timescales if and when they change.

If you are considering having a loft conversion or home extension on your property, get in touch today on 0800 917 7571 to arrange your free site survey! We are the leading providers of loft conversions across London and the West Midlands, delivering bespoke loft conversions designed and built to the highest quality.