More than half of Brits improve their homes

New figures from Halifax show many Brits are choosing to develop their homes rather than move to a new property as the housing slump continues.

According to research from the building society, more than half (55 per cent) of homeowners have indulged in a spot of home improvement over the past year.

It found the average cost of modifications that did not include adding space to be £5,300.

More than one in ten (13 per cent) respondents chose to add space to their home or plan to do so within the next 12 months.

A third of those decided to build an extension, while almost the same number (31 per cent) opted for a conservatory and 28 per cent decided a loft conversion was a good idea.

Those modifying their attic and adding a roof light stand to add over £13,000 to the value of their property, with conservatories increasing asking prices by more than £7,000, a recent survey from HSBC found.