Whats driving the increase in basement renovations? Is it cheaper to expand downward rather than outward?
Phil: What’s driving it is simply the cost of property and land. It is not cheaper to expand downwards than outwards, in fact it is usually more expensive. However, once you have expanded outwards and upwards, it is your only option. Bear in mind living space is more valuable than bedroom space so converting cellar space is often a viable option. Isn’t it way too expensive to buy when buying costs more than renting? Phil: Long term, no it is not. While you are renting you are paying off somebody else’s mortgage. Should the property market remain stationary you would be better of reducing your own mortgage as opposed to somebody else’s. Of course markets can go down as well as up, however over the long term the UK market has always risen. What are your opinions on the possible market crash? Phil: It is simply not going to happen. In order for the housing market to crash we would need to have ‘forced sellers’. Currently we have historically low interest rates, a rising population, very h
