House prices slump again in November
With house prices continuing to fall, the case for adding a conservatory is stacking up.
Homeowners may struggle to get an acceptable price for their property in the current market and are left with only a few options.
They can either take a reduced price for their property or hope to wait it out until the market recovers.
Another proactive approach could be to add a conservatory or some other form of home improvement to increase the value of the house to buyers and also make it more comfortable to live in if the market takes longer than expected to recover.
Figures from the Halifax show that house prices fell by a further 2.6 per cent in November meaning that the average UK home is worth just £163, 605 – a price more akin to those seen in 2005.
Halifax chief economist Martin Ellis explained that a combination of factors have affected demand – and therefore house prices.
"The combination of high house prices in relation to earnings, constraints on householders incomes and spending power, and the decline in the availability of mortgage finance since the summer of 2007 has curbed housing demand," he said.
Over 90 per cent of the National Association of Estate Agents members recently said that adding an extension to the home would increase its value.