Fitting a new kitchen or bathroom is not the most cost-effective way for consumers to increase their properties’ value, research from GE Money Home Lending has found.
It claims these kinds of home im-provements do not increase property values as much as estate agents’ top choice, loft conversions.
The research shows carrying out loft conversions or room extensions can increase the value of properties by almost £42,000, whereas new kitchens or bathrooms on average add just £13,400.
And in overcrowded areas such as London and the South-East, loft conversions can add as much as £44,500 to property values.
Giacomo Gigantiello, unsecured loans sales leader at GEMHL, says: “Home owners planning improvements to their properties during the summer months to increase their value could be missing out on the most valuable additions.
“At a time of year when many are planning to improve the value and de-sirability of their homes, it is important that consumers appreciate and establish DIY and renovation tasks that will add the most equity to their properties.”
He adds: “In many cases, home owners automatically opt for a new kitchen or bathroom. While these are valuable additions to any home, the findings from our research show that it is also important to consider improvements that will increase the amount of living space properties have.”