How Loft Conversion Materials Have Increased In Price With Inflation

Are you considering a loft conversion? You’re not alone. This popular home improvement can add an incredible amount of functional space to a house, to be used as a home office, nursery, study or creative space. It brings in tons of natural light, great views of the surrounding area, and some can even fit in multiple rooms, an en-suite and even a kitchen space. What’s not to love? 

Well… the cost. 

The prices of loft conversions have gone up, leading some homeowners to wonder whether they are worth the investment after all. If that sounds like you, read on for an overview of why loft conversions are doing a little more damage to bank balances at the moment, and why that shouldn’t realistically impact the investment potential of this kind of build long-term: 

Why Has The Cost Of A Loft Conversion Risen So Much Lately? 

If you have been interested in adding function and aesthetic appeal to your home with a loft conversion, there’s no doubt you’re also more than aware that the cost of this kind of home improvement has risen. Why is the price of loft conversions so much higher now? 

The reality is that there are a few different reasons. 

One reason is demand. Quite simply, a post-pandemic rush occurred because many people wanted an improvement in quality of life at home, but many didn’t feel they wanted to move house to get that. Instead, extensions and loft conversions are a route to a more functional and usable home without that stressful and costly move. This is because these innovative constructions extend the space available within the house you already know and love. As long as you do still love the area and the building itself, it’s the perfect way to elevate your current property without having to move. 

Loft extensions, in particular have become much more popular because they are suitable for the one in eight properties in the UK without any garden space to build into, a number that creeps up to one in five in London. For many people, gardens were incredibly important during the pandemic lockdowns, and that value on natural space has remained. Homeowners want to protect their outside space, not build into it. 

So, with all this in mind, there’s a bit of a queue, and naturally, the more demand there is for any service, the more the prices for that service creep up. 

Additionally, there have been some incredibly fast changes to the cost of, and demand on, the elements needed to create a loft extension. There is a shortage of UK materials and the cost of importing extra products to meet demand has also increased because of Brexit. There is also extra pressure on materials and building services worldwide because ‘service has resumed’ everywhere post-pandemic, leading to a shortage of materials, even if you do consider global importation as an option regardless of that price hike we mentioned. Importing is also more of an issue as there has been a post-pandemic impact on transport services like flights and shipping, as well as a shortage of shipping containers worldwide. 

As if all of that wasn’t enough to cause a rise in loft conversion costs, there is the added pressure of a vast lack of EU-born builders and construction professionals to actually do the build planning, design and construction, again, following Brexit. For the same reasons, there are truck driver shortages which also has an impact on supplies and availability. 

Will These Prices Go Down? 

Predictions seem to suggest that prices are likely to go down, but it could be a slow process, and in all likelihood, loft conversion costs will continue to remain higher than they were. Even when the factors above are less pressured and somewhat rectified, naturally, inflation will have pushed the price of materials and labour up anyway, and so loft conversions are going to be more expensive than they were – as with the natural course of things.

Is It Still Worth Having A Loft Conversion, Even With An Increase In Costs? 

 Even with an increase in costs a loft conversion is still very much worth the investment. All the benefits of more functional space aside, it’s highly unlikely that adding more usable square footage to any property is going to have anything but a positive impact on its price moving forward.  

Property prices have shot up in the last couple of years, with an annual property price rise in England of 13.1%, taking the average house price up to over £300,000. Will the prices go down again? Absolutely. The property market is responsive and it always goes down, and comes back up again. You’ll pay out for a loft conversion, and it may not immediately add the value you would like onto the house (although it often can). However, within a few years, inflation and the natural recovery of the housing market that will occur as the economy inevitably strengthens again means that the investment will likely have been worth the financial cost. You pay out to add an extra bedroom once, but the increase in house prices year on year will likely more than pay for that in a relatively short period of time. 

How Can I Be Sure I Will See A Return On My Investment? 

You can’t. Nobody can be sure of anything but what the numbers are saying right now, and that’s the information that has to be used for the best possible decision to be made. We all have to make the best possible decision based on the information we have to hand. 

Basically, you can’t predict the future and if the pandemic taught us anything, it is to expect the unexpected. 

However, what you can do is utilise all the well-informed companies, facilities and services around you to ensure you have all the knowledge you need to make an informed decision. 

We, of course, recommend you speak to us for a transparent quote so you know the possibilities for your property, as well as detailed costs and timelines for each option. 

Then, it makes sense to speak to a few different estate agents, and potentially, a financial advisor, too. Doing this should help you get an idea of the risks involved, the projected value of the property with completed works, and how that may change in the next month, six months and few years based on the best information available at this time.