April 2011
Featured in this insight: Culture, heritage & leisure, Financial services, Public health & wellbeing
Survey shows many Brits poised for bank holiday home improvements: The HSBC Home Improvement Survey has found that while many Brits may have chosen to organise street parties or get away whether locally or abroad during the recent bank holiday weekends, 40% have chosen to stay put and indulge themselves with home-loving improvements.
Head of Mortgages at HSBC, Stuart Beattie, commented: ‘The Bank Holiday weekends are a great opportunity for homeowners to make improvements to their properties. Householders should primarily do the work with the aim of creating a home they can live in and enjoy as there is no guarantee of increasing property value.'
Figures show that the value of a property can rise after a spot of redecorating by an average of £3,229 – which is an increase of 62% since HSBC’s last Home Improvement Survey carried out in 2009.
This optimism is not shared by all though, with 35% of respondents believing that whilst a redecoration will make a property more attractive to a buyer it would not increase its value.
A loft conversion came out on top as the best way to improve property value, with an increase on average of £20,876.
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