16 Jun

Now is a "good time" to add value to property through home improvements

Now is a "good time" to add value to property through home improvements

Repairs and renovations can offset falling property prices, an expert has claimed.

Jason Orme, editor of Homebuilding & Renovating Magazine, maintains home improvements remain a sound investment despite the current slumped housing market.

His prediction comes as recent Royal Institution of Chartered Surveyors statistics reported the average cost of home improvements had risen by 20 per cent in the past two years.

However, Mr Orme says the figures are outdated and homeowners are benefiting from falling labour costs instead as construction workers compete for business to make up for fewer opportunities on new starts.

Mr Orme says: "Now is a very good time to be adding space and value if you really wanted to move up the property ladder."

In May Nationwide reported that house prices fell for the seventh consecutive month, with the average property currently worth £173,583.
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