Thursday June 26, 02:35 AM
Millions Planning To Sell Their Homes
By Sky News
About one in eight homeowners are planning to sell their property in the coming year despite the current housing market downturn, research has shown. Roughly 13%, the equivalent of 3.3 million owners, intend to sell up, according to Alliance
& Leicester.At the same time, one in five people plan to improve their home in the hope of boosting its value or increasing its saleability. A further 50% of people said they would enhance their current property and avoid the expense and upheaval of moving. A & L's Richard Taylor said: "Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property." The improvement most hoped would add value to their property is re-decorating, with 69% planning to repaint or wallpaper rooms. Almost 60% plan to improve their outdoor space and 44% are carrying out routine maintenance. Only 16% of people plan to take on bigger projects, like adding an extension, and just 11% want to make their home more environmentally friendly. But research carried out by GE Money Home Lending found that people who want to significantly improve the value of their home need to add additional living space. The group, which consulted 110 estate agents, said it found that carrying out a loft conversion had the biggest impact on a property's price. It boosted value by 12.5% or £22,898 based on an average home worth £183,626. Creating an extra room through an extension increases a home's value by about 11% or nearly £20,000, while adding a conservatory boosts it by 7% or just over £12,000. :: Opinium Research questioned 2,035 people for A & L during April.
Click here for more breaking stories from Sky News
|
Send Article by Email
