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Garage is top to add house value

Building a garage is now the best way to increase the value of your home, outstripping kitchen and bathroom refits, according to research from Virgin One.

The survey conducted by valuers for the lender found that interior refits are no longer the most valuable home improvement as Britain&#39s 23 million car-owners see off-road parking and garages as far more desirable.

Virgin One says an increasing number of borrowers are freeing up funds to pay for property makeovers instead of moving.

The next most valuable way of improving a property were conservatories, loft conversion and a rear extension followed by double glazing, kitchen refits, new bathrooms and central heating.

But shelling out £20,000 on a swimming pool is least likely to add value, followed by external security shutters, electric roller garage doors and paved drives. It also found stone cladding, UPVC fascia boards and lounge bars are unlikely to increase the value of a home.

Virgin One spokesman Scott Mowbray says: “When you think about rising house prices and the fact that it costs around £4,500 to move from a £100,000 home to a £150,000 one, it is hardly surprising that people are choosing the more cost-effective option and extending and improving their homes instead.”

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