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A loft conversion could boost the value of a property and reduce the amount homeowners have to borrow on their next mortgage, it has been claimed.
As house prices continue to fall and homeowners put off plans to move, many are carrying out loft conversions to add value to their properties. According to research carried out by Alliance & Leicester, one in five homeowners would consider converting their loft space into a usable room.
The bank points out that as well as creating extra space, loft conversions could also benefit homeowners when they eventually come to sell. Indeed, they may find they are able to take out a smaller mortgage on their next home thanks to the value of they have added to their existing property.
It also claims the government's decision to scrap planning permission for loft conversions will prompt more homeowners to consider them as a viable alternative. Alliance & Leicester spokesman Mark Boyle 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."
The Royal Institution of Chartered Surveyors suggests that a loft conversion can add around £10,000 to the value of a property. With house prices falling at a record pace in October, according to Nationwide, this could help homeowners offset recent declines.
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