You are here: Home - Mortgages - First Time Buyer - News -

Most wanted: A garden annexe is the latest way to create extra living space

Written by: Christina Hoghton
They can increase your living space, and the value of your property. What's not to like about garden annexes?

There are an estimated 10,000 applications made to councils across the UK each year to create garden annexes, according to Churchill Home Insurance, equating to one every 53 minutes.

Of these applications, for both new and converted garden annexes, 82% are successful.

There were 7,000 applications for new garden annexes, with 5,700 of these applications successful (81 per cent). And estimated 2,800 applications recorded by local councils for converted garden annexes, of which 2,400 (84 per cent) were successful.

In the last financial year, Torbay council received 466 applications for new garden annexes, the most of any council that responded to a freedom of information request by Churchill.

Estate agents claim that three and four bed homes with a garden annexe can command asking prices 27 per cent higher than the area’s average.

Craig Rixon, head of Churchill Home Insurance, said: “Developing your own, new or converted garden annexe can be a very exciting process and is becoming ever more popular as people get increasingly savvy about home renovations. Whether you’re building an annexe for an older relative or just for the additional space, it is often a cheaper and easier alternative than moving to a larger property.”

“It is important that you inform your insurer of any home renovations you plan to make so that your home and its contents are adequately insured during the course of the renovation and upon completion.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week