Britain a nation of home improvers

Many UK homeowners are choosing to invest in their current property rather than risk moving home during the recession, a new study has found.

Research from the Halifax shows more than half (55 per cent) of Brits have undertaken a home improvement project in the last year.

Of those, more than one in ten (13 per cent) either added space to their house or intend to do so within the next 12 months.

The top three space-adding plans were building an extension (33 per cent), constructing a conservatory (31 per cent) and converting the attic (28 per cent).

A recent HSBC survey found the latter of these could add more than £13,000 to the value of a home, while a new conservatory is likely to boost the asking price by over £7,000.

The Halifax figures found that on average, Brits spent £5,300 on projects that did not add space, with redecorating the most popular activity.