Jump to content
House Price Crash Forum
Sign in to follow this  
Deckard

Londoners ‘Mine’ For Space Under Luxury Homes As Neighbors Fume

Recommended Posts

http://noir.bloomberg.com/apps/news?pid=20601109&sid=aPifjwkP9B0k&pos=12

Feb. 9 (Bloomberg) -- Caroline Evans is fed up with all the noise and aggravation from construction near her home off the King’s Road in Chelsea, southwest London.

Three basements have been created or expanded and one house is adding an extension on her narrow street. In this enclave for bankers, executives and millionaires, where the average home costs almost 900,000 pounds ($1.4 million), builders are doing everything from digging up gardens to demolishing an entire building except for its facade.

“I quite understand why people are doing it -- they are creating a beautiful home -- but immediate neighbors would be happier if they could share in the increase in the value of the house,” said Evans, 72, who has lived on the street for 27 years with her lawyer husband.

The scarcity of luxury houses and apartments on the market in neighborhoods like Belgravia and Knightsbridge has prevented many from trading up to larger properties. Instead, they’re adding the kind of amenities often found in new developments, ranging from wine cellars and home cinemas to swimming pools.

“People are enlarging houses and improving them rather than moving,” said Yolande Barnes, head of residential research at Savills Plc. “You can either pay stamp duty and moving costs or you can add value to your home by spending the money on improvements.”

...

The shortage of homes for sale in London’s seven priciest boroughs last year encouraged more people to renovate and expand their homes, data obtained from the municipalities by Bloomberg News indicate. The number of homes sold in these areas in 2010 was 30 percent below the average of the past decade, Land Registry data show.

The number of permits granted for dumpsters rose 2.8 percent to 12,398 in the first 10 months of 2010 in the boroughs of Camden, Hammersmith & Fulham, Islington, Kensington & Chelsea, Lambeth, Wandsworth and Westminster from a year earlier. That was the first increase since 2007, according to the figures obtained by Bloomberg News under Freedom of Information Act requests.

Gotta admire the banksters' panache... <_<

Gives a whole new meaning to "London can take it" :D

Share this post


Link to post
Share on other sites

Hilarious story. Just take a look at the mounting evidence showing the problems that can occur even with simple cavity wall insulation and then wonder just how permanent these "tanked" basements are likely to be in London's waterlogged basin.

Cavity Wall Fill Problems

Breaking the Mould part 1

Follow the links for II -> V

You'll find stories of sales falling through on cavity wall insulated houses because mortgage lenders are warry of the damp problems. Given that these extensions are below the water table, can you imagine anyone wanting to pay for them - well apart from the Dawlish couple that is.

Share this post


Link to post
Share on other sites

“I quite understand why people are doing it -- they are creating a beautiful home -- but immediate neighbors would be happier if they could share in the increase in the value of the house"

His neighbour is spending a fortune improving his house and this joker thinks he should make some money from it? Is there no end to the sense of entitlement?

Share this post


Link to post
Share on other sites

“I quite understand why people are doing it -- they are creating a beautiful home -- but immediate neighbors would be happier if they could share in the increase in the value of the house"

His neighbour is spending a fortune improving his house and this joker thinks he should make some money from it? Is there no end to the sense of entitlement?

it certainly raised a smile from me.

Share this post


Link to post
Share on other sites

it certainly raised a smile from me.

I laughed at that too. I sympathise to a certain extent though. Where I worked in London was an up and coming area and for eight long years working it was accompanied by drilling, banging, invasions of rats fleeing demolition work, heavy machinery and builders shouting. Basically, every building arround us would get done up, demolished, built up again in a never ending cycle. Absolutely appalling environment to work in.

Thank goodness, where I lived was better. Only had to contend with the emergency services screaming down the empty road at 3am and police helicopters buzzing overhead every weekend.

Share this post


Link to post
Share on other sites

I'm not against the idea of people extending their homes, even it it means a basement. But there should be system whereby neighbours should be entitled to compensation payments for the disruption and inconvenience. I don't mean via the courts through law suits, I mean through an agreed process as part of the costing of the job or as part of the planning process. This would normally only apply to immediate next-door neighbours.

Edited by Hyperduck Quack Quack

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.