Renovation popularity grows with house prices

High house prices have prompted an increase in home renovation as householders seek to improve their existing homes rather than buying new ones, the Federation of Master Builders (FMB) has said.

Brian Berry, director of external affairs at the FMB, said that due to the level of house-moving costs "people are looking to either go into their basement or, what is increasingly popular, get a loft conversion [in order to] add value to the property".

He said a loft conversion could cost £35,000 on average, but add £60,000 in value.

Garages can be a popular conversion as well but in urban locations where parking is at a premium those with an eye on the house price may be better keeping this car facility as part of the building.

Basements are another popular are for expansion, he stated, which can be expensive but is popular in premium space areas such as London.

Last summer Maggie Smith, of the London Basement Company, told the Guardian the average basement extension three years earlier was 400 sq ft, but had since increased to 700 sq ft.


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