So far this year, the family home market has remained unscathed by the economic headwinds which, by all accounts, seem to be ruffling the feathers of so many other aspects of the sector.
To this end, homes such as this new-to-market property in Derwent Drive, Maidenhead, appear to be selling on average 12 days more quickly, than they did at this time in the last ‘normal market’ of 2019.
The main reason for this uptick in purchaser demand - particularly when it comes to detached and semi-detached properties with ‘potential to extend’ - is generally understood by those in the industry, to run much deeper than the standard ‘spring selling surge.’
It could, as well, be a by-product of the post-pandemic ‘home improvement’ era, where buying-to-extend represents one of the best ways to facilitate a move up the property ladder, with a view to gaining both space and equity.
To this new generation of budding home improvers, the featured property’s generous rear garden and original garage are understandably a significant selling point in themselves, and although any extensions and conversions would be subject to necessary planning/building consents, these are hurdles that the May 2019 planning rules have made slightly easier to navigate in recent years.
As part of this policy change, the maximum length that a single-storey extension could be built to without a full planning application (for a terraced or semi-detached house) was increased from three to six metres. For detached houses this was upped from four to eight metres.
That said, anyone planning such improvements is still required to submit for ’prior approval,’ and is well advised to become versed on the limitations of 'permitted development' before hinging their purchase decision on such ideas.
About the property
With three bedrooms, an L-Shaped living/dining room, kitchen and refitted bathroom, this detached family house is situated in a mature residential road which is conveniently located for Maidenhead Town Centre and mainline railway station (Paddington/Elizabeth Line). More details.
Summary
In today's somewhat stock-constrained family home market, ‘buying to extend’ can often make good lifestyle and financial sense, and to more demographics of buyers than this approach might have appealed to previously.
That said, those considering 'buying to extend' are encouraged to weigh any potential advantages, against the myriad of challenges currently facing the construction industry. Most notably, these include the rising cost of building materials - something which could well impact to the actual vs perceived value of any structural / cosmetic improvements.
Coincidentally, it has - it should be noted - become somewhat more challenging (particularly in London and the South East) to find a ‘do-er upper’ that isn’t priced according to its development potential.
As a result, this is one way of scaling the property ladder that often demands as much in patience...as it does in vision.
For more information on the featured property or similar listings in the Maidenhead area, please contact Braxton Estate Agents on 01628 674234.