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yeah, I like this idea too. definitely extravagant, though, and don't talk to me about heating... we were keen to have the drama of the extra high ceilings because we'd moved from a tenement which had nice airy spacious rooms, whereas the 1920s houses (while not cramped compared to today's new builds) are less generous
here's an example of a house where they've 'extended' into the loft (archmongers' "peek house"):
On the upper floor, ceilings were removed to expose the rafters and help create a spacious feel within the two bedrooms and small bathroom.
I'm considering going up into the loft, not for much usable space, just to get some really high ceilings in the rooms below... (seems a bit extravagant though, and more volume to heat in winter)