Loft Conversion economy trends

The loft conversion industry as a whole is quite a fickle one. Every year there are many people getting loft conversions done for a variety of reasons, but often within the loft conversion industry the rates of it being done fall. Usually when the loft conversion industry falls off for a bit, it’s because there is a worldwide decline due to the economy dropping. Often when the economy is doing well however, there is a rise over time within the loft conversion industry. Usually there are trends within the loft conversion industry for a variety of reasons. One of the largest and most obvious trends was shown with the SoHo district of New York a few years ago. Back when the area of SoHo was going through its redevelopment stages to build more houses and living spaces within the area, often the buildings were redesigned and redeveloped to fit more people into them.

SoHo Loft Conversions

The SoHo area before that was largely a mechanical and trades area, with all sorts of buildings such as warehouses and manufacturers. With those building becoming empty and the trade itself dying off, they decided to redevelop many of the buildings into affordable (and now unaffordable) living spaces. They did this by redesigning the rooms to become full homes, and a lot of the old offices and production rooms were converted the same way a loft conversion is done. Often the roofs were lifted up and the highest offices were raised so that bedrooms and other living spaces can be created instead. This led to a large resurgence within the area that many people around the world and many cities are copying today.

When this resurgence of SoHo happened, many cities realised that they could do with the same benefits. Cities like Detroit right now which are going through a drastic trade drop have abandoned warehouses and factories all over the city. Homeless people are now taking those buildings as their own because they cannot afford to live anywhere else. Many of these factories and homes that are now abandoned will soon be redeveloped into homes. This is where a loft converter will thrive, as they will often be the ones that are asked to redevelop these old buildings due to the amount of small rooms that may otherwise be unliveable.

All around the world there has been an increase in loft conversions too. Manchester and London in the UK are seeing a massive rise in loft conversions for a simple reason. The added benefits in terms of property values are too good for homeowners to turn down. With homes becoming increasingly out of many people’s price range, many home owners decide to convert their lofts to use the increase in tens of thousands of pounds for when their home is sold. All around the world we may soon see another drop in the economy and housing market due to events such as Brexit and the election of Trump, and with that we will see a large drop off for loft conversions around the world. This is one of the sad facts about loft converters, as there is nothing that we can do to protect ourselves from this drop or even do anything to stop it. So as always, we have to take it on the chin and keep going.

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