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Home Improvements...?

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It has probobly been discussed before, or it may be considered insignificant but I thought I would take a quick look at what effect home improvements make to the difference in sale prices and HPI given the comments today about the death of DIY.

Using one particular street near me, there have been several properties in the past 5 years or so that would have skewed the average if the improvement value had been factored out. For example:

Property 1

Sep 2000 £605,000

Aug 2002 £1,525,000

No assumed improvement, then annualised HPI >75%

Property 2

Feb 2003 £810,000

Apr 2004 £1,100,000

Jun 2005 £2,200,000

Property 3

Sep 2001 £635,000

Jun 2004 £2,050,000

Property 4

Nov 2000 £630,000

Dec 2004 £1,975,000

All these come from just one small road so I guess there may be a significant number of these out there. Just taking the raw numbers would have increased the rate of HPI.

Anyone got any comments about this?


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Yes, it occurred to me too, after I bought a house and converted the loft. I essentially added several tens of thousands to the resale value which would be blindly picked up by the indices as a general increase in property prices.

Do Haliwide make any correction for this factor?

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