Nearly 4 years into the recession, the UK house prices are still slipping in many parts of the UK. The higher deposit percentage required by majority of banks means there are less first time buyers in the market. Selling and moving to a bigger house is becoming a distance dream for many. Thus homeowners are looking for home improvement opportunities instead of moving home.
A latest annual home improvement survey conducted by HSBC shed some light on the commercial front of all things home improvement. Some 1369 homeowners and 112 estate agents took part in the study. The survey found a loft conversion adds just over £16,000 to a property’s price, a massive 20% decline compared to £20,000 plus added value a year ago. The added value of a room extension is down only 3% on last year to £15,665. Kitchens are another hard hit area, in fact, 19% less than in 2011 are observed, meaning on average, a new kitchen only adds £4,577. However, the regional variations are significant, the study found. A new kitchen adds £9,125 to the value of a property in London, almost twice as much as it would in North East England – £4,300, and close to four times compared to Scotland’s £2,333 figure.

While the value that many home improvement options can add to a property is decreasing, one stood out for homeowners – conservatory. HSBC’s survey shows a 14% increase since 2011. It now adds a value of £9,420 on average to a property. The survey also found that more than 50% home owners plan to keep themselves busy with home improvements during the Easter, May and Jubilee bank holidays.
Valuation expert Paul Cutbill, of Countrywide Surveying Services, said: “Whilst sensibly improved and well-presented homes will generally be attractive to potential purchasers, rising labour and material costs mean that the gap between the cost of improving and monies realised at the point of any sale has been reduced. Poor quality refitting and lack of proper design considerations, often as a result of inadequate project budgeting and planning, can also have a significant knock on effect to any added value which might be gained when selling a property. ”
Intrigued by the figures? Crystal Windows & Conservatories suggests that home owners should think carefully about the type of any home-improvement projects they are planning, and should favour those which enhance the quality of life first. A well planned and adequately budgeted home improvement project with proper design considerations and build quality will always ensure the best return on investment.




