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News: Scots are movers and improvers

Tue, 11 Sep 07

More Scots are undertaking home improvements work specifically to add value to their property, according to research from Bank of Scotland...

Scots hope to boost property value by improving their home – Almost one in four homeowners (23%) undertaking home improvements in the past twelve months did so specifically to add value to their home, an increase from just 4% last year. The majority of respondents (46%) believe that the fruits of their labour will add up to a further £5,000 to the value of their property.

Emergence of 'Budding Developers', FTBs keen to make a profit and move up the ladder - Younger people are getting more involved in home improvements with over a third (33%) of 18-24 year olds getting involved. It is likely that these are FTBs looking to modernise their property with a view to add value and sell in order to move up the property ladder.

A Nation of 'Improvers and Movers' - More people are seeking to improve the resale potential of their property through home improvements. One in seven cited this as their motivation for home improvements (14%) compared with just 2% last year. This indicates an emerging desire for people to improve, and move.

Kitchens and extensions add the most value – Homeowners believe that fitting a new kitchen or building an extension will add the most value. Bank of Scotland valuers agree adding extra space to a property is likely to add significant value.

Home improvers get by with a little help from their friends – People rely heavily on working with their partner (28%), friends and family (10%) when improving their home and for advice on how to finance home improvements (31%).            

Hoping to cash-in

Last year the most popular home improvements were redecorating (61%), adding a new bathroom (34%), adding a fitted kitchen (31%), new furnishings (31%) an gardening (30%).

Over a quarter of people (28%) who had redecorated their home believed that their home improvement work had added up to £2,500 to the value of their property and over a third (40%) thought it would add between £2,500 and £10,000. Green-fingered home improvers (15%) estimated that their work in the garden would have added over £10,000 to the value of their property.

Over a third of respondents who had added new furnishings believed their home improvements could add between £2,500 and £10,000 to their home. Whilst new furnishings – such as sofas, curtains and light fittings – can increase the appeal of a property and encourage a quick sale, it is unlikely that they will add any significant value.

The Value Home Improvers Expect Their Work To Add: Perception Vs Reality

 

 

Amount homeowners expect improvements will add to property

Rank

Main Home Improvement Undertaken

Up to £2,500

Between £2,500-£10,000

Over £10,000

1.

Redecorating

28%

40%

12%

2.

Garden improvements

13%

46%

15%

3.

New furnishing

32%

37%

15%

4.

Laminate/ wood flooring

24%

38%

15%

5.

New bathroom

26%

46%

10%

Almost one in five Scots (18%) highlighted the kitchen as the single improvement which would add the most monetary value to a home, followed by an extension (16%), central heating (10%) and conservatory (10%). 

Bank of Scotland broadly agreed with the public's view but suggest that improvements which add space, such as an extension or loft conversion, would add the most value.

Most valuable improvements

Rank

Respondents' view

Number of people (%)

Bank of Scotland Valuer's view

1

Kitchen

18

Extension

2

Extension

16

Loft conversion

3

Central heating

10

Kitchen

4

Conservatory

10

Conservatory

5

Loft conversion

8

Central heating

Who did the work?

A quarter of respondents (25%) got stuck into their home improvements and did all the work themselves. The most called-upon expert was the tradesman, with over a third (37%) of respondents calling upon their services, followed by the work being a joint effort with their partner (28%).

Whilst men and women were equally likely to call on the help of a tradesman, more men (40%) than women (11%) did the work themselves.

The research also identified a group of budding developers with almost a third (31%) of 35-44 year olds having improved their home over the past 12 months. Surprisingly, this age group was closely followed by those aged 65 and above (28%).

Who did the work

Percentage of respondents (%)

A tradesman

37

Along with my partner

28

Specialist contractor

26

Myself

25

Family and friends

10

My partner

10

DIY chain store

1

Commenting on the research findings Patrick Sawdon, Bank of Scotland Valuers, said: "Our research shows that Britain has become a nation of movers and improvers.  It's great to see that so many people are investing time and effort in improving their home. 

“A word of caution though, poorly executed home improvements can actually detract from the value of your property.  If you're considering embarking on major work, do consult the professionals and seek any necessary planning permission before getting started."

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