In The Press… Sunday Times
Annexes are highly sought after at the moment, so much so that they can potentially add 10% to the value of a property. Our Director, Jennie Hancock, was asked by Sunday Times Home to provide a quote about their appeal and why, which was published today.
“As you need to have suitable outside space of at least an acre for an annexe, you’re looking at houses priced around £1million plus in West Sussex. These tend to be in rural locations, although I have heard stories about locals in the city of Chichester itself who have converted their garages into an Air B&B. Interestingly, post Covid-19, buyers are looking out for redundant outbuildings they can turn into annexes themselves, rather than purchasing a house with one already there. This is because they recognise the added value they can bring to their home by doing it this way. An annexe that has been designed as a facility or somewhere to practice a hobby can add up to 10% onto the value. I know quite a few people who have built large working spaces outside as a result of the pandemic for example, but annexes are also popular now for parents to live in, as yoga/pilates studios, state of the art gyms or as a way of having additional accommodation you can rent out. The lettings market in Chichester is phenomenal, especially around the time of Goodwood events such as Festival of Speed and Glorious Goodwood in July, and Revival in September. One lady I know has transformed her shed into an Air B&B for this very reason, but West Sussex is also very popular for those needing accommodation for weddings or for short breaks away by the coast.”
Read the full Sunday Times piece here.