With all the different DIY and property shows on television it is perhaps no surprise that they have inspired the nation to get their hands dirty and get into DIY. This is what the Alliance and Leicester found.
Decorating is top of the list for improving the appearance of the home, closely followed by installing a new bathroom and changing the flooring. The Alliance and Leicester though suggested loft conversions or fitting a new kitchen would be the best options for increasing the value of the home. In the past these have often been funded through the mortgage though this may not be as accessible now.
At the end of the day it comes down to the balance between enjoying living in a property and making it more valuable and desirable when it comes to selling. This is the dilemma every property owner faces say the Alliance and Leicester, but at the end of the day a home should be just that.
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In the current property situation it appears that the majority of homeowners improving their properties are doing so to increase its value according to the Halifax.
The Halifax survey found that around 28 percent of people are planning home improvements this year, with the primary objective being add value. Of these people around half of them are expecting to add in the region of GBP5,000 to what the property is worth, with over 10 percent aiming for between GBP10,000 and GBP25,000.
By far the most popular improvement is redecorating, followed by garden improvements and adding new furnishings. A Halifax spokesman said that home improvements can add value to a home, although expectations of higher property values should be balanced against a market where the buyer is stronger right now, so prices can be variable.
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The Abbey National has announced rate cuts on their two and three year fixed rate mortgages of up to 0.15 percent, the second round of cuts in the last 10 days.
The lowest 2 year fixed rate Abbey National mortgage can now be had at 6.34 percent, with a fee of GBP999, while the equivalent three year offer is just 6.29 percent. These mortgages require at least a 25 percent deposit to qualify.
Soon to be breaking the 6 percent barrier is a new Abbey National mortgage with a 5.99 percent rate, though the maximum loan to value will be 70 percent rather than the usual 75 percent. This will be for a three year fixed term and has a fee of GBP1,695, with a maximum loan value of GBP250,000.
