Following recent Government announcements to scrap planning permission for loft conversions, homeowners who are feeling the pinch of the credit crunch may now find it easier to improve rather than move, thereby adding value to their property in the process. Recent research by Alliance & Leicester Personal Loans has revealed that one in five Brits would convert their loft.
Homeowners in Wales and the North East are the keenest when it comes to converting lofts – 31 per cent would like to make the most of their additional space, claiming that a loft conversion would be their home improvement of choice.
Scrapping planning permission for loft conversions may encourage more homeowners to make use of their extra space. It may also help those who find they are unable to move home as a result of the troubled housing market.
When it comes to adding value to property, three in 10 homeowners think that converting their loft into a usable room would add the most value to their home. This is supported by findings from the Royal Institution of Chartered Surveyors (RICS) who say that it can add around £10,000 to the value of a property.
Londoners have the highest expectations of what it will cost to carry out desired home improvements. One quarter (24 per cent) thought it would cost over £25,000 to carry out the work. Four in 10 (40 per cent) of those in the North East thought it would cost between £5,000 and £10,000. Only six per cent of homeowners in Northern Ireland said it would cost over £25,000.
Mark Boyle, personal loans manager at Alliance & Leicester said: "In an uncertain economic climate where homeowners are finding it too expensive to move house, the Government’s plans will be welcomed with open arms. While it may prove too costly to upsize to a new home, converting a loft into a useable room can not only increase the size of the property, but it can also add value to the house price, benefitting homeowners when they eventually come to sell.
"Homeowners may want to consider taking out a personal loan to fund loft conversions and other home improvements to add value long-term value to their property. However it is crucial that they shop around for the best deal to suit them in order to make the most of their investment."
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