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Extra rooms could boost value

HOME owners could boost the value of their property by more than £37,000 by converting the loft or by almost £20,000 by adding an extra bedroom, according to research.

Nationwide Building Society estimated the potential for people to add value to their homes as the housing market revival gathers pace.

Converting a loft could add around 21% to a home's value, according to the building society's analysis using its own house price database.

Based on the average house price standing at £178,124 in the first quarter of 2014 according to Nationwide's house price index, this would mean a loft conversion could add another £37,400 onto the value of a home.

If the home owner decided to add another bedroom to their house, this could add around 11% to the worth of their property, equating to around £19,600, Nationwide found.

An extra bathroom could add around 5% or £8,900 to the value of a typical home. Boosting the floor space by 10% could add a similar amount of value to adding a bathroom.

The analysis follows reports which have pointed to the housing market continuing to spring back into life.

This week, a report from the Office for National Statistics said house prices are rising "strongly" in most of the UK.

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