Yorkshire based iHus, the UK’s leading specialist in the design and build of luxury annexes, is celebrating a bumper year in which turnover increased to £10m, a £3m rise on the previous year’s figures.
Over the last year, the firm has built 75 annexes (which start from £106,387 per build), a 32 per cent increase on last year. Overall order value also increased over the past 12 months, with a 22 per cent increase in the size of annexe being purchased as more and more families opt for multi-generational living solutions.
The firm also experienced a record first quarter, announcing a 38 per cent increase in sales in quarter one compared to the same period last year, and reported a 163 per cent sales increase between quarter one of 2022 and quarter one of 2023. The firm welcomed seven new team members over the last year, taking its total headcount to 37.
To top off the achievements, the business was also awarded the prestigious ISO 9001:2015 accreditation, the international standard for quality management requirements.
While iHus’s heritage is in the development of ‘granny flats’, the brand is seeing an uplift in those looking to purchase an annexe as a cost-effective alternative for first-time buyers and those seeking childcare support.
James Lund-Lack, managing director of iHus, said: “Inflation and mortgage rates are making it harder for first time buyers to get on the property ladder, even more so following today’s announcement that major mortgage lenders are further increasing the cost of home loans. Consequently, we have seen an increase in enquiries from young people looking to an annexe as a way of coping with interest rate hikes.
“Annexes provide that independence young people often crave but are a fraction of the price of buying a home.
“Historically, we have seen a 70/30 split in our customer base with 70 per cent opting for an annexe to house an elderly relative, and 30 per cent choosing an annexe for financial reasons, such as the first-time buyers.
“This has changed in the last year or so and we are now looking at more of a 50/50 split between these factors.
“I am proud that we can support families of all dynamics to start their multi-generational living journeys.”
iHus is the UK’s leading specialist in the design and build of stylish bespoke annexes and multi-generational living solutions. Based in Doncaster, the iHus team works on projects across the UK, with over 400 builds under its belt to date.
To learn more, please visit: https://ihusannexe.com/our-projects/