Loft conversion 'can increase property value by 12%'
A loft conversion can increase the value of a property by around 12 per cent, according to new research.
The study by GE Money Home Lending found that the average conversion would add almost £23,000 to the price of a home, while an extension could boost the value by nearly £20,000.
Another cost-effective home improvement is a conservatory, which can allegedly add £12,229 to the cost of a house.
Gerry Bell, head of mortgage marketing for GE Money Home Lending, said: "The current housing market means that more people are looking to improve their home rather than move.
"However, before embarking on any improvements, it pays to know which ones will add the most value to your property."
Recent research by Alliance & Leicester found that around 40 per cent of people who have sold a property in recent years have made improvements to increase its saleability.
The study also revealed that one in five homeowners are also planning to do the same in the next 12 months.
© 2008 Adfero Ltd
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