
Loft it up: attic bedrooms can boost the price of a home by a quarter
New analysis from Nationwide’s House Price Index shows that well-planned home improvements — especially those that add usable space — can significantly increase your property’s value.
Many borrowers are remortgaging to release equity from their property to fund home improvement works as they are looking to improve rather than move.
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Top picks? Kitchens and bathrooms. Over the past five years, 71% of homeowners who renovated worked on either or both rooms.
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Green is growing in appeal. 34% of renovatees made environmental upgrades, with solar panel installations leading the way. Younger homeowners (25-34) were most likely to go green.
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Space = value. Extensions or loft conversions with a bedroom can increase value by up to 24%.
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Mostly satisfied renovators. Only 4% regretted investing in improvements—typically citing cost overruns or unsatisfactory results.
Commenting on the figures, Andrew Harvey, Nationwide's Senior Economist, said:
“Our recent research found that kitchen and bathroom renovations were the most popular amongst homeowners who have made improvements to their home in the last five years, with 71% undertaking either, or both, of these. More than two in five (42%) added a bathroom or an ensuite, whilst 25% added an additional toilet.
“Of those undertaking work, around a third (34%) made green improvements to their property, with over half of these (56%) adding solar panels. As we explored in our recent special report on the housing stock, solar panels are becoming an increasingly popular feature, with nearly 1.5 million dwellings in England having photovoltaic (PV) panels, equating to nearly 6% of total dwellings (up from less than 3% in 2013).
“Looking at other popular home improvements, 39% of homeowners who had renovated added an outbuilding, such as a shed or entertainment space, while 23% added a conservatory to their property. In terms of larger scale projects, 24% of those who had made improvements opted for a loft conversion, while 21% had a single storey extension built.
“Across all homeowners making renovations in the last five years, the average spend was around £52,000, although there was significant variation, reflecting the range of work completed. Younger households (aged 25-34) tended to have a much higher average spend (c£97,000), reflecting that this group are more likely to have made more substantial improvements. Amongst older age groups, average spending was lower, with only a small proportion (c10%) of homeowners completing a major project such as an extension in the last five years."
Call Trinity Financial on 020 7016 0790 to secure a mortgage for home improvements, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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