Cheap loan could reap benefits for home improvers

Homeowners in the UK are inspired to improve their properties by the prospect of boosting its value, whether that be via a cheap loan or other finance means.

Research carried out by Halifax found that a quarter of people who undertook improvements on their home in the last year did so in order to raise its value.

What's more, 16 per cent said they carried out work in order to maximise the property's potential when they put it on the market.

Those who have diverted savings or a secured loan into home improvements had high hopes for that the investment would reap considerable rewards.

According to the study, 51 per cent believe their work will add up to £5,000 to the overall worth of the house.

"Our research shows that Britain has become a nation of movers and improvers," said Patrick Sawdon from Halifax. "It's great to see that so many people are investing time and effort in improving their home."

But, for a real return on investment, a cheap loan or other finance should be invested in making space. While 66 per cent of people chose to spend money on redecorating, the report said that "improvements which add space, such as an extension or loft conversion, would add the most value".

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