More reason to improve rather than move

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The number of home improvements undertaken in the UK may be set to increase after yet more evidence that the housing market remains in decline.

With the property sector in turmoil, some homeowners may decide that a new conservatory or glazed kitchen extension could be just the thing to give their home a new lease of life.

A recent study by Chesterton Humberts found that those looking to sell in Scotland and England face a tough task if they are to avoid losing money on their property.

With the average price of a home now just £165,727, the figures represent a year-on-year fall of 16.1 per cent.

Chief executive Robin Bartlett explained that the property market has a long way to go before it recovers.

"While the decline appears to be slowing, the continuing drop in house prices highlights the need for the government to do more to assist recovery in the property sector," he said.

The base rate of interest has been lowered to just 0.5 per cent – the lowest figure since records began.

However, this has done little to aid the property industry with values remaining in freefall for well over a year.

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