GE Money Home Lending: Add £54,922 to your home with improvements

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GE Money Home Lending: Add £54,922 to your home with improvements

Thu 26th Jun 2008

Home improvements can add tens of thousands of pounds to the value of a home, lender GE Money Home Lending said today.

The lender's research, based on 110 estate agents and also property prices, found loft conversions, extensions and conservatories to be the top three improvements, adding £54,922 to a house in total.

A new kitchen boosts a house by £8,446.79 and central heating by £6,243.28.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, said more people were looking to improve their home than move.

He said that "region, type of property and location" all affected which improvement was best.

Energy saving improvements such as solar panels add £1,500 to a property’s value.

Government housing adviser David Miles has predicted that house prices could fall by ten per cent this year, the Independent reports.

Prof Miles based his suggestion, which he acknowledged was uncertain, on a study of recent housing market history.

The Independent also stated that house prices have fallen for six months with a seven per cent drop from their peak.

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