Home enhancements could offset price falls

June, 16, 2008

Home improvements which add value to a home should offset any potential price drops, Homebuilding & Renovating Magazine suggests.

In news that may well interest people looking to compare popular mortgages, Jason Orme, editor of the publication, explains that now is a "very good" time to add worth and living space to a property if consumers wish to climb the property ladder.

He suggests this is also a good time to attempt to hedge against falling house prices through adding value.

"Any added value that you can add at the moment should offset any potential price falls, or should offset most of them anyway," Mr Orme adds.

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Figures from Nationwide relating to May 2008 indicate that house prices fell for the seventh successive month.

The average cost of a property stood at £173,583, a drop of 2.5 per cent in comparison to April 2008 and 4.4 per cent less than May 2007.

Feature: the Housing Market June 2008