First time buyers 'looking to make a profit'

10-Sep-2007

An increasingly large number of first time buyers are looking to renovate their homes in order to boost the value of their property and then cash in on such improvements, Halifax has suggested.

The lender's home improvement survey has found that more than two thirds of 18 to 34-year-olds are now getting involved in such practices, with adding value suggested as a principal reason for this by Halifax.

The number of homeowners directly citing added sell-on value as a reason for renovating their property rose by 14 per cent year-on-year to stand at 16 per cent, the study added.

"Britain has become a nation of movers and improvers. It's great to see that so many people are investing time and effort in improving their home," commented Patrick Sawdon from Halifax Valuers.

"A word of caution though, poorly executed home improvements can actually detract from the value of your property," Mr Sawdon added.

Last month the National Home Improvement Council (NHIC) advised that environmentally-friendly improvements were the best way to add value to a property.

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