Home improvements can add significant value to a property, newly-released research has found, which could be good news for builders in London.
The Nationwide Building Society – which has operated the Nationwide Foundation since 1997 – has found adding a double bedroom and en-suite bathroom to a house will see it increase in value by 23 per cent.
As well as this, an extra bathroom will hike a property’s price by six per cent, while ten per cent more floor space will bring a five per cent swell in the average cost of an abode.
Robert Gardner, Nationwide’s chief economist, said: “With housing market demand still very weak, increasing numbers of homeowners may opt to improve rather than move.”
Martyn Dyson, head of mortgages at Nationwide, added the economic uncertainty in the UK at the moment makes this option much more appealing.
Figures from the organisation found that in July 19 per cent of advances made were for structural enhancements.