More than half of all homeowners in the UK are thinking about renovating their property, according to the latest findings.
Nationwide’s recent House Price Index for May 2022 revealed 54 per cent of those surveyed are considering home improvements.
Over a third (37 per cent) of those planning to update their house intend to do so to increase the amount of space they have in their property.
This could be in response to soaring house prices over the last year or so, with the building society revealing properties have increased in value by 11.2 per cent since May 2021, reaching £269,914.
This means they have risen in price by around £30,000 over the last 12 months, rising at a rate that is making it increasingly hard for homebuyers to afford.
Indeed, data from Nationwide found the typical house cost four times average annual salaries in 1952 when the bank launched. However, this has risen to 6.9 times typical earnings, which is a record high.
Something that is pushing house prices up further is a lack of properties on the market, particularly of larger homes, which are most in demand.
According to Russell Galley, managing director of Halifax, buyers would need an extra £50,000 compared with May 2021 to buy a detached family home.
This could be due to the rise in demand for houses that have office space due to more people working from home since the pandemic.
Instead of spending a considerable amount buying a bigger home, therefore, more people are extending their current abode and installing garden offices in Sussex.