Renovation trends in 2010

Lily Simpson

With the UK’s housing markets still only showing the slightest evidence of recovery, fragile at best and considered by many industry specialists to be misleading, it seems pertinent to look back at one of our favourite national pastimes, renovating our homes.

Before the ensuing financial meltdown 18 months ago, when money was easy to come by and optimism characterised popular opinion, 90 percent of London home owners were thinking of renovating their home in some way. Since then the vast majority of those aspirations will have been put on hold or scrapped altogether; however for the first time since 2007 there has been a rise, five percent to be exact, in people planning to carry out renovation or remodelling work.

The current market conditions dictate that the get-it-quick investors and small developers who dominated the renovations markets in 2006-7, can’t get the loans they used to, so the patient savers and cash rich buyers are best placed to be planning renovations.

There has been a startling jump in the popularity of ‘wrecks’ purchased for complete renovation. Properties in the commuter belt, over 100 years old, are proving one of the biggest movers of Q4 2009 and the beginning of 2010. The trend is such that the late 2009 list of endangered buildings ‘All We Need Is Love’, published by Save Britain’s Heritage, sold out in weeks; underlining the popularity of renovation over buying a ready to occupy home.

In London’s most affluent neighbourhoods like Kensington, Chelsea and Fulham the creation of basement spaces has jumped in popularity. Whilst not cheap, but nevertheless technically possible to dig out a massive basement space under your home, there is the potential to add vast square footage to your property without serious planning problems.

The other trend set to dominate the decade’s renovation projects, large and small, is sure to be economically and environmentally friendly technologies creeping into our homes. Intelligent and more efficient lighting systems, low flow toilets, new insulation technologies, and cheaper and more efficient heating systems are all set to increase.

And for those who haven’t had to tighten their belts in the past two years, we are still seeing some extraordinary renovation projects, from gadget garages, sound proofed and bullet proofed rooms, to extravagant garden designs and even glass lifts for cars.

For further information: Quintessentially Estates www.quintessentiallyestates.com