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Garage and basement conversions 'very popular'

The Federation of Master Builders (FMB) advised yesterday that the high cost of moving has led more homeowners to consider converting rooms for extra space - and added value.

Lofts, basements and garages can often be switched to house extra bedrooms or other rooms - a process which can have a significant effect on the property's overall asking price.

Such home improvements are often funded by a secured home loan or a personal loan.

Brian Berry, director of external affairs for the Federation of Master Builders, said: "A loft conversion costs about £35,000, and the return on that would probably be adding an extra £60,000 to your property."

He added: "At the top end of the housing market, particularly in central London, [conversions are] becoming very popular as they're the only way to create extra space."

The FMB acts as the trade association for small and medium-size building firms in the UK.

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