A nation of home improvers rather than movers

More homeowners are undertaking home improvements specifically to add value to their property, according to new research from the Halifax. Indeed in the past 12 months 1 in 4 did so - an increase from just 7% the previous year. The majority of respondents (51%) believe that the fruits of their labour will add up to £5,000 to the value of their property.

Meanwhile, younger people are getting more involved in home improvements with 68% of 18-24 and 25-34 year olds taking the financial plunge. It's likely that these are FTBs looking to modernise their property with a view to adding value and selling in order to move up the property ladder.

Homeowners believe that fitting a new kitchen or building an extension will add the most value. And Halifax valuers agree, arguing that adding extra space to a property is likely to add significant value.

Home improvers get by with a little help from their friends - people relying heavily on their partner (31%) friends and family (14%) when improving their home and for advice on how to finance home improvements (31%).

Last year the most popular home improvements were redecorating (66%), gardening (41%), new furnishings (30%), laying laminate or wood flooring (25%) and adding a new bathroom (24%).

Over a third of people (36%) who had redecorated their home believed that their home improvement work had added up to £2,500 to the value of their property and almost one in three (29%) thought it would add between £2,500 and £10,000. Almost one in five green-fingered home improvers estimated that their work in the garden would have added over £10,000 to the value of their property.

As for the single 'top dollar' home improvement one in five people highlighted the kitchen as the single improvement which would add the most monetary value to a home, followed by an extension (14%), loft conversion (8%) and conservatory (7%).

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