£90 Billion Spent on home conversions in the UK

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by Kay Murchie

A recent report by AA Financial Services showed that it has been estimated that Britons have spent £90 billion on home conversions.

The most popular alteration is turning lofts and garages into an additional room. The report also highlights that 27% of homeowners have carried out this work to increase the value of their properties.

It is suggested that some of these conversions are done unwillingly as 17% would have preferred to keep things as they were but required more living space. The rise of property prices in the UK meant that homeowners simply could not afford to buy a bigger home.

In May 2007, Nationwide predicted that when purchasing a new home, 68% of UK homeowners would be inclined to buy if an attic had been converted to a living space.