Homeowners opting to improve
Published On 10 September 2007
A growing number of homeowners are planning and executing home improvements with the sole intention of adding value to their property, the latest Halifax Home Improvement Survey has revealed. The UK's largest mortgage provider found that 25 per cent of homeowners who carried out home improvements in the last year did so to add value, seven per cent more than last year.
More than half (51 per cent) of respondents said that they were hoping their efforts would add up to £5,000 to the property of their house.
Eager to quickly scale the property ladder, young adults aged between 18 and 34 were particularly keen to improve the value of their existing home, with 68 per cent undertaking home improvements, most likely to modernise.
Patrick Sawdon from Halifax said: "Our research shows that Britain has become a nation of movers and improvers. It's great to see that so many people are investing time and effort in improving their home.
"A word of caution though, poorly executed home improvements can actually detract from the value of your property. If you're considering embarking on major work, do consult the professionals and seek any necessary planning permission before getting started."
