Home improvement boom as homeowners fight price drops
A new home improvement trend has been noted by several recent reports, showing that many professional mortgages holders are resorting to ingenious solutions to counteract the effects of the property downturn.
Popular renovations can involve something as simple as painting walls or changing the arrangement of furniture - or can result in expensive building work such as installing a conservatory or even an extension. Moreover, the need to boost a property's "saleability" in this way has also been brought home by the most recent house price surveys.
Lender Nationwide reported a drop to the average price of 0.9 per cent today - just one day after research firm Hometrack put the monthly decline at 1.8 per cent.
Accordingly, sellers are looking to spend big in order to keep their asking prices high: a new Alliance & Leicester survey shows that around one third of homeowners who have sold their home spent an average of £3,000 on general improvements in order to boost value. Around one in six were even found to have put in a home extension and create an extra bedroom before putting their property on the market.
Alliance & Leicester also found that around 13 per cent of all UK homeowners are currently planning to sell their home within the next year.
Commenting on the findings, head of mortgage products at Alliance & Leicester Richard Taylor, said: "'Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property.
"However, it is clear that DIY and home improvements remain important to all homeowners, both to those looking to add value to their house in order to sell and to those looking to stay put and benefit from these improvements personally."
Elsewhere, these home upgrades are also currently proving popular in the residential lettings market, where mortgage holders look to maximise value not by reselling buy through rental income. Two separate sets of comments on the topic have been issued over the past week by the Residential Landlords Association (RLA) and the National Landlords' Association (NLA).
Advising buy to let entrepreneurs on the best way to fit out their homes in order to maximise value, Alan Ward at the RLA advised: "Presentation is important in a competitive market [and] kitchens and bathrooms are the working areas which take the hardest use – but moisture needs good ventilation, usually best linked to the lighting. Good storage space is always appreciated."
Meanwhile, Simon Gordon at the NLA pointed out that "small changes" could result in far higher rental incomes being derived by landlords. "Landlords can make their properties more attractive to tenants without spending a small fortune. Little changes, such as giving the walls a fresh coat of paint, can make a big difference," he said.
Popular renovations can involve something as simple as painting walls or changing the arrangement of furniture - or can result in expensive building work such as installing a conservatory or even an extension. Moreover, the need to boost a property's "saleability" in this way has also been brought home by the most recent house price surveys.
Lender Nationwide reported a drop to the average price of 0.9 per cent today - just one day after research firm Hometrack put the monthly decline at 1.8 per cent.
Accordingly, sellers are looking to spend big in order to keep their asking prices high: a new Alliance & Leicester survey shows that around one third of homeowners who have sold their home spent an average of £3,000 on general improvements in order to boost value. Around one in six were even found to have put in a home extension and create an extra bedroom before putting their property on the market.
Alliance & Leicester also found that around 13 per cent of all UK homeowners are currently planning to sell their home within the next year.
Commenting on the findings, head of mortgage products at Alliance & Leicester Richard Taylor, said: "'Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property.
"However, it is clear that DIY and home improvements remain important to all homeowners, both to those looking to add value to their house in order to sell and to those looking to stay put and benefit from these improvements personally."
Elsewhere, these home upgrades are also currently proving popular in the residential lettings market, where mortgage holders look to maximise value not by reselling buy through rental income. Two separate sets of comments on the topic have been issued over the past week by the Residential Landlords Association (RLA) and the National Landlords' Association (NLA).
Advising buy to let entrepreneurs on the best way to fit out their homes in order to maximise value, Alan Ward at the RLA advised: "Presentation is important in a competitive market [and] kitchens and bathrooms are the working areas which take the hardest use – but moisture needs good ventilation, usually best linked to the lighting. Good storage space is always appreciated."
Meanwhile, Simon Gordon at the NLA pointed out that "small changes" could result in far higher rental incomes being derived by landlords. "Landlords can make their properties more attractive to tenants without spending a small fortune. Little changes, such as giving the walls a fresh coat of paint, can make a big difference," he said.
