Owners still searching for additional value
Some 3% of Britons have either recently created, or plan to create an extra bedroom downstairs and three-quarters of converters expect their property to be more valuable as a result.
However, only a fifth of estate agents would expect this to increase the property. They see the main effect is a rise in potential rental income, with an average increase of 16% for swapping living space for an extra bedroom.
Martin Scott, head of Churchill home insurance, said: “Putting in a downstairs bedroom can be a very practical solution for homeowners, whether they may be finding space for a growing child, helping to care for elderly relatives or making visiting friends feel more comfortable.
“The cost of converting a downstairs room is likely to be significantly less than moving home, so whilst high property prices continue to be an issue, homeowners are making sensible changes to what they already own.
“Increases in the number of bedrooms or occupants within the household could affect Home insurance cover and policy limits. Therefore, it is important homeowners make their insurer aware of changes to their properties.”