Fri, 25 May 07
Rising House prices are encouraging many homeowners to turn to property development to try to add value to their home....
Research from price comparison site MoneySupermarket found that 42 per cent of homeowners have recently carried out home improvements to their UK Property and are planning on doing more in the future to increase the selling potential of their home, revealed landlordexpert.co.uk
Although 45 per cent of people said they believed home improvements are solely undertaken to increase the value of a property, a further 35 per cent claimed they carried out home improvements to improve the look of their home - with any extra value added coming as a bonus.
Regionally, homeowners in the south-west of the UK are the most enthusiastic to carry out home improvements at 59 per cent.
Yet, people in the north of Scotland seem less keen, with just 38 per cent bothered to do any improvements of this sort.
"It's no surprise we have a bevy of budding property developers out there," Louise Cuming, head of Mortgages at MoneySupermarket commented.
"With house prices having escalated dramatically over the past five years, along with the cost of stamp duty and mortgage fees, many people are turning to home improvement instead."
The research also found that a form of credit, such as a loan, credit card or remortgage, was the most popular way to finance costly work for two in five cases.
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