Loft overhaul boosts house price

On average, an extension adds 12% and a loft conversion 10.9% to a property's value, the Nationwide Building Society survey found.

Adding a garage or extra bedroom boosts value by 8% and 5% respectively.

But the group added that regardless of work done to a property, location was key to its price on the open market.

"A house in the best neighbourhood can command a price more than a third higher than a similar house in an average area," said Fionnuala Earley, Nationwide group economist.

Nationwide identified other factors that can detract from a property's value.

It said property without central heating could reduce the price of a home by nearly 7%.

And having no garage or drive can knock about 6% off a property's asking price.

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