Home improvements ''cheaper than moving house''

Improving your home is a much cheaper alternative to purchasing a new property, according to one housing expert.

The current level of house prices and the hike in the interest rate announced this week both contribute to high mortgage repayments so Miles Shipside, from property specialists Rightmove, says that many Brits are looking to do up their present home.

Mr Shipside, commercial director at the company, said: "There is a growing number of people renovating their properties, either with loft, basement conversions or building extensions, as it is a tax-free way to create extra space and achieve a desired look."

He did warn though that soon home improvements may lead to council tax hikes as properties may be revalued every year instead of the present system where they are only valued when changing hands.

Additions such as patios, new bathrooms, double glazing and conservatories could leave home owners with higher bills which would particularly affect buy-to-let investors who often purchase cheap homes before revamping them for tenants.


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