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The number of planning applications for new or extended basement developments in London has reduced by 13 per cent, according to figures in the Evening Standard.
Across the capital, the number of planning applications fell last year from 2,301 to 2,012. One of the largest reductions was in Westminster where the number declined by more than a fifth from 325 to 252.
Aaron Strutt, director at Trinity Specialist Finance, says: “If you are looking to redevelop a property or transform a basement, there are a host of lenders offering refurbishment finance. The most competitive terms will be available to wealthier clients with an experienced contractor and equity in the property.
“For residential developments where properties are being let out or sold on, we have access to specialist lenders offering up to 100% of the costs if the property has equity and planning permission.”
Local councils have been much tougher with people planning significant redevelopments, especially as some homeowners have caused disruption surrounding properties and even problems for London underground lines.
Call Trinity Specialist Finance on 020 7016 6151 to secure development finance.