A recovery in the property market has been forecast to take place next year, although anyone hoping to boost the price of their home at present might want to consider home improvements.
Jane Marr, company director at the Little House Company, said the property market presently lacks volume, as there are not many people looking to move.
However, she noted: “Once the numbers of people start coming back to the UK housing market, house prices may stay the same or even drop a little as more properties become available.”
Homeowners considering altering their property to increase its value should remember to contact their home insurance provider prior to carrying out any work.
According to this month’s report by Hometrack, UK house prices increased by 0.2 per cent in October 2009, but are still down by 4.2 per cent compared to October 2008.
However, this is the third consecutive monthly rise and an average of 92.9 per cent of the asking price was achieved in October 2009, compared to a recent low of 88.3 per cent in February this year.
Britons contemplating making improvements to their house might like to consider home insurance.
