The old saying ‘fix the roof when the sun is shining’ may be heeded by many whose flat roofs need repairs just now, but this is also an excellent time to have extensions added to homes.

Indeed, it is not just the favourable weather conditions of summer that make now a good moment to start planning a flat roof extension. It may also be a good choice if you want more space at home.

Choosing whether to extend your existing home or upsize by moving to a bigger one can be a tricky decision, with all sorts of considerations ranging from location to the impact of upheaval and the cost. That last of these may be paramount now.

The Bank of England has just raised interest rates again, with the latest decision to hike the base rate by 0.5 per cent taken the day after consumer price index inflation was revealed to be at 8.7 per cent for the second month in a row.



This means anyone buying a new home now faces a high mortgage rate, whereas those with an existing mortgage at a fixed rate may not have to refinance at such a high cost when their current deal expires, as by that time inflation may have eased enough for rates to be cut. Clearly now is not a great time to buy.

Some might suggest this expense is offset by cheaper house prices than a year ago; the Halifax House Price Index for May recorded the UK average as one per cent down in May 2023 from 12 months earlier.  While prices were up 1.3 per cent over the previous quarter they were static in May, suggesting a brief revival has stalled.

Kim Kinnaird, Halifax's director of mortgages, said this is clearly the case, as rising interest rates will “inevitably impact confidence” in the market and drive prices and demand down.

However, that could also reduce supply as fewer people opt to sell and lead to housing construction firms scaling back their building plans.

Less supply means fewer chances to find a house that sits your needs. That is all the more reason to modify the one you have.