Halifax Mortgages: Home improvements 'can add value'

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Halifax Mortgages: Home improvements 'can add value'

Tue 27th May 2008

New research from Halifax Mortgages has revealed that Brits are carrying out home improvements in order to add value to their property.

It found that with average house prices dipping, 28 per cent of homeowners are planning to make improvements to their property this year specifically to add value.

Of those, almost half believe the work will add up to £5,000 to the value of their home, while 12 per cent think the increase will be between £10 and £25,000.

The most popular home improvement by a wide margin among survey respondents was redecorating, followed by doing the garden and purchasing new furnishings.

Russell Galley, head of mainstream mortgages at Halifax, commented: "In the current market, homeowners can inject value into their homes by undertaking the right home improvements. Carrying out work on your home can be rewarding but costly to correct if not executed properly."

Last week Halifax Home Insurance reported that 1.7 million British households have been living with an unfinished home renovation project for over two years.

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