Brits Shown To Be Looking Upwards For Property Improvements
Plans by the government to relax planning permission legislation are seeing a significant number of Britons express a desire to improve their homes, a new study shows.
In research carried out by Alliance & Leicester, it was revealed that moves by officials to scrap the need for consumers to first get approval before converting the loft could prove to be of particular assistance to those consumers suffering from the impact of the financial crisis. According to the financial services provider, the change in the law may mean that homeowners find it is easier for them to improve their existing property rather than move to a new house. Overall, a fifth of Brits are now thinking about converting their loft, in a move that would not only give them more space but could also boost the overall value of their property.
However, such a property improvement appears to be especially sought-after by consumers from Wales and the north-east of England, as 31 per cent of people from these parts of the country considering increasing the amount of space in their loft.
The study also showed that those living in London tend to have the highest expectations about how much money their desired home improvements would set them back, with 24 per cent of people from the capital believing it will cost them more than 25,000 pounds. Meanwhile, 40 per cent of north-east residents predict they will be faced with expenses of between 5,000 and 10,000 pounds.
For those looking to carry out a loft conversion or any other form of property renovation, applying for a home improvement loans could prove to be of assistance.
Mark Boyle, personal loans manager at Alliance & Leicester, said: “In an uncertain economic climate where homeowners are finding it too expensive to move house, the governments plans will be welcomed with open arms. While it may prove too costly to upsize to a new home, converting a loft into a useable room can not only increase the size of the property, but it can also add value to the house price, benefitting homeowners when they eventually come to sell.”
Continuing, he claimed that consumers looking for an effective way to finance loft conversions and other improvements to a property in order to boost its overall value in the long term, “may want to consider taking out a personal loan”. However, the personal loans manager iterated that borrowers should scour the market in order to secure the most effective deal for their needs.
Britons looking for an effective way to boost the value of their property through renovation work may want to consider applying for a home improvement loan. By getting this kind of homeowner loan, borrowers may be able to meet the cost of purchasing materials quickly, in addition to pay for qualified professionals to carry out such work. This could be of particular use for those looking to convert their garage into an extra room after comparethemarket revealed in September that such a property improvement can increase the value of a home by up to six per cent.
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