Planning permissions for renovations drop to lowest level in a decade
Original Article Summary
Typically, there is a strong correlation between property transactions and home improvements, as homeowners often undertake renovations shortly after moving in
PropMatch Curated Analysis
Planning consents for home improvements have dropped 27% below the 10-year average despite rising property transactions, as buyers increasingly prefer ready-to-move homes due to economic uncertainty and higher costs.
Investor Relevance
Critical for investors relying on value-add strategies through renovations and extensions. The data suggests reduced competition for renovation projects but also indicates potential difficulties in executing improvement strategies and achieving expected returns.
Original Source:
Property Industry EyeStay Updated
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