Home improvements boom, survey shows

Those planning on making renovations to their home are in good company, new research has shown.

Lloyds TSB has found that a large number of householders are opting to enhance their existing homes rather than upgrading to a new house.

It established that 55 per cent of estate agents have seen an increase in the number of people taking their homes off the market, with three out of every five homeowners who had been planning to sell putting their plans on hold.

Of these, half are looking to make home improvements and the bank has recorded a 19 per cent increase in loans for this purpose.

Director of personal loans at the bank David Wishart said: "If you want to trade up and avoid substantially increasing your mortgage, you'll need to add value to the house you're currently in."

The survey showed the most popular home improvement is a new kitchen, followed by a new bathroom.

Speaking earlier this summer about the ways in which people can raise the value of their homes through renovation or extensions, Jane Walmsley, area sales director at Your Move, said that the addition of a new bathroom or kitchen "will certainly make it [a house] more saleable".