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Death of the garage

21st May 2010 Print

Garages are being repurposed for 21st century living as cars give way to studies, utility rooms and extra bedrooms.  Indeed according to the latest report from Santander Mortgages more than one in ten (1.1 million) British garage owners have converted or plan to convert their garage space.

The findings reveal that over 470,000 garages have been earmarked for conversion while 650,000 have already been redeveloped.

Once the home of rust-prone family motors, today only a third (34 percent) of homeowners actually uses their garage for its designed purpose.  For over one in ten (12 per cent) it's a largely unused space while a quarter of garages (27 percent) are full of junk.  And a further fifth (21 percent) of those who have or intend to convert their garage find it too small and/or difficult to park their car.

For many the boundaries between work and home life also appear to be blurring, as one in four (24 per cent) garages have or will soon be converted into offices and studios.  With more than three million home-workers now in Britain, garage conversions are providing this workforce with nearly 270,000 home offices.

The average garage conversion costs around £6,300 but garage owners believe it adds an average £7,250 to the value of the property, which if accurate, would mean that garage conversions will boost the value of British homes by a staggering £8 billion in total.

Other popular reasons for converting garages are to create bedrooms (29 per cent) and storage (20 per cent).

Phil Cliff, Director of Mortgages at Santander, commented:  "For many people garages have lost their original purpose.  Cars are far more reliable and robust these days and most homeowners are happy to keep them outside on the driveway.  But for a relatively modest investment garages can be transformed into a space that far better matches our current needs.  For many homeowners maximising their current space is a far more affordable and convenient option than moving home.

With half a million home offices and extra bedrooms created, it looks as if the traditional garage is dying out. A further 100,000 new lounges, 67,000 utility rooms, 67,000 games rooms and over a quarter of a million larger kitchens, dining rooms, home gyms, music rooms and extra bathrooms have, or are soon to become the product of garage conversions.

At the higher end of the market, more than 167,000 homeowners estimate that their garage conversion has or will add more than £10,000 to the value of their property. One in seven homeowners also estimates the cost of their conversion to be more than £10,000.

Cliff continued: "In the first quarter of 2010, we lent one in five mortgages to UK borrowers, with an increased mortgage market share of 20 per cent in the first quarter.  That's why we are the home of UK mortgages and remain committed to offering our customers competitive rates and a large variety of products".

Santander Mortgages is currently offering fee-free mortgages and £100 cashback on our home insurance available in our branches, and through the telephone, to our loyal current account customers which could save them up to £1,095. In addition Santander continues to provide excellent, competitive deals for new customers such as our 2 year tracker mortgage at 2.49 per cent with a £995 booking fee.  Borrowers should visit their local Santander or Alliance & Leicester branch, our give us a call, to take advantage of this great deal."