UK Money News
27th May 2008
Home improvement boom fuelled by slowing property market
The slowdown in the housing market has fuelled a rise in the number of homeowners looking to add value to their property through home improvements, a new study has shown.
Halifax latest Home Improvement Survey found that over the next 12 months, 28 per cent of homeowners are planning on undertaking modifications to their property specifically to add to its value.
Russell Galley, head of mainstream mortgages at Halifax, welcomed the trend, but warned homeowners against embarking on large-scale improvements which they are unqualified to undertake.
He said: "In the current market, homeowners can inject value into their homes by undertaking the right home improvements.
"[However] Carrying out work on your home can be rewarding but costly to correct if not executed properly. Where appropriate, consult the professionals and seek any necessary planning permission before getting started."
The most common home improvements being planned was redecorating, followed by garden modifications, buying new furnishings and new carpets.
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