New research conducted by Nationwide, Britain’s largest building society, has revealed that adding an extension or loft conversion to your property can increase its value by 25%. Additionally, an extra bedroom can add 14% to the value, while an extra bathroom can add 6%. A 10% increase in floor area can also lead to a 5% increase in value. Nationwide examined different factors, including the type, age, number of bedrooms and bathrooms, floor area, and location of properties, using its own lending data. It also considered location data from CACI, which categorizes areas based on the type of residents. By comparing the price paid for properties with various characteristics, Nationwide was able to isolate the price impact of different features. Andrew Harvey of Nationwide stated that location remains a key factor in house values, along with the size of the property. He emphasized that home improvements like extensions or loft conversions are a compelling way to add value, especially as the pandemic has led to a “race for space.” Nationwide’s research also found that improving energy efficiency can add value to a property. The government aims to make homes more energy efficient by updating them to an energy efficiency rating of ‘C’ by 2035. Mr. Harvey concluded that energy efficiency has improved significantly in the past decade but does not include other factors like gardens or interior design features in its analysis. Catherine Merrett, from Antony Roberts estate agency, advised homeowners to consider their location and compare similar houses with and without extensions to determine potential value. She also recommended hiring professionals for extensive works and factoring in the increased costs of building materials.
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