Extend to add value, homeowners told

Homeowners looking to boost the value of their property may wish to consider a loft conversion or conservatory, in light of a recent report from Nationwide.

According to the lender, increasing the floor space in a residence by ten per cent can lead to a five per cent rise in the asking price.

This could mean a conservatory or kitchen extension may be a sound investment.

"Location is still the biggest factor affecting the value of property and a house in the best neighbourhood can command a price nearly 50 per cent higher than a similar house in an average area," Nationwide chief economist Martin Gahbauer said.

He added there were certain things Brits could do to boost their homes worth.

The Nationwide study found a loft conversion in which a bathroom and bedroom are added can raise the property price by up to 20 per cent.

According to the Royal Institute of Chartered Surveyors, there has been an increase in activity and interest in the buyers market over the last month.