Home improvement on the cards with values set to drop by almost a third
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Homeowners in the UK could turn to home improvements such as conservatories or loft conversions to help battle the falling value of property.
According to predictions from international estate agent Savills, the average value of a house could have fallen by almost a third (30 per cent) by the end of the year, when compared to 2007 figures.
"There remains a combination of denial and lack of urgency [within the UK residential market]," the Savills report suggests.
"But there is more pain to come, and weve suggested that house prices will fall by 30 per cent between the start of 2007 and the end of 2009."
The report also predicts that the total number of transactions could fall in 2009 – something that could force values even lower.
It seems those looking for a better property may be left with no option but to carry out improvements to their current home.
Aspect Management recently noted that new homeowners like to make their own mark on their property by carrying out some form of major home improvement.