Home improvements 'unlikely to improve property value'
Published on : 23/07/2008
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Home improvements are now unlikely to improve the value of a property in the UK, according to a new survey.
Research by Abbey Mortgages found that a third of estate agents have amended their advice in the past year to tell people that they may not make money on their homes by installing new kitchens or conservatories.
However, it was found that over eight million homeowners are still planning to make improvements to their properties in the next year.
Phil Cliff, director of Abbey Mortgages, said: "Our research shows that very few home improvements will actually add more value than they cost to implement at the moment."
He added that it was "important" that people are choosing to make such changes "because they want to live in the end result and aren't doing them in order to add value alone".
Earlier this month, Abbey announced that is was reducing rates on several of its two and three-year mortgage products by up to 0.15 per cent.
