Renovations increase in appeal

Posted: 23 Jan 2008 11:07:31 GMT


            Property News - Renovations increase in appeal

Self-builds and renovations may be more appealing to homeowners as the UK housing market goes through a tough period.

Self-builds and renovations may be more appealing to homeowners as the UK housing market goes through a tough period.

That is according to the National Self Build & Renovation Centre, which said that these areas are doing well because the aim is not always to secure a sale.

Tim Doherty, managing director of the organization, said that people carrying out this kind of work are less likely to be adversely affected by the global credit crunch and difficult housing market conditions.

"Lifestyle renovation and self build is not so market sensitive, and such projects don't need to end with a guaranteed sale," he commented.

"More land should become available for self builders, with fewer small developers chancing their luck in uncertain market conditions.

"So, while the credit crunch appears to have created a lot of economic doom and gloom for some, self build, renovation, conversions and domestic extensions still remain accessible and in the current climate, are perhaps even more appealing," continued Mr Doherty.

Assetz recently forecast that house price growth will stabilise in 2008, with annual inflation hitting five per cent.

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