Loft Conversions Give a 20% Lift

Sun, Wednesday June 10th 2009

Lofts give a 20% lift

Building a loft conversion with loft rooms (a bedroom and bathroom) can add 20 percent to the average home's value, say experts.

Increasing a home's floor space by a tenth adds five percent - but location is still most important to determining value, a Nationwide survey revealed yesterday.

Chief Economist Martin Gahbauer said: "A house in the best neighbourhood can command a price nearly 50 percent higher than a similar house in an 'average' area."

The survey came as figures revealed 43,000 applications for new mortgages last month compared with 28,000 in November.