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In addition, the Society has changed its mortgage proposition for further advances, putting borrowers into an excellent position to take advantage of the new relaxed planning laws announced by the Government yesterday. 

While many other lenders charge higher rates on a limited range of products for further advances, Nationwide pointed out that it offers access to its full range of mortgage deals with a 0.10% discount for existing customers. This brings its rates down to as low as 3.19% for a two year fixed rate at 60% LTV. 

Later this month, borrowers who use a FlexAccount as their main current account will also have access to Nationwide's four year fixed rate Flexclusive mortgage from 2.99% at 60% LTV and five year tracker Flexclusive mortgage from 3.49% at 70% LTV for further borrowing.

Nationwide's House Price Index Special Report looked at the value of improvements made to an average three bedroom house. It found that creating an extra bathroom could add 6% to the value and adding another double bedroom can push up the value by 12%.

It also found that building an extension or loft conversion to create a double bedroom and en-suite bathroom could add 23% to the value and increasing floor space by 10% can add 5% to the average value.

The research also says that the price for building an extension can cost, on average, around £1,000 per square meter or £23,000 for a single storey and £76,000 for a double storey.

For people living in more expensive parts of the UK, such as London, where moving from a three bedroom to a four bedroom property carries a £90,000 premium on average, extending may well be the only solution for the growing family. 

‘With housing market demand still very weak, increasing numbers of home owners may opt to improve rather than move. Our research assesses the factors that affect the value of homes, and the potential to add value,’ said Robert Gardner, Nationwide's chief economist.

‘Having more useable space is generally thought to be consistent with better quality accommodation and people are prepared to pay for it. A 10% increase in floor space, other things equal, adds 5% to the price of a typical house, while adding space equivalent to the size of a double bedroom to a two bedroom house can add around 12% to its value,’ he explained.

‘A second bathroom is also a favourite with home owners and our research shows that creating an additional bathroom can add 6% to the value of the average house. Home owners that add a loft conversion or extension incorporating a double bedroom and a bathroom can add about 23% to the value of an existing three bedroom, one bathroom house,’ he added.

Tracie Pearce, head of mortgages at Nationwide, said that the UK government’s announcement on the relaxation of planning for conservatories and single storey extensions is welcome news for home owners who are attracted to the idea of improving their property by adding both space and value rather than face the extra costs and expense of moving to somewhere bigger.

‘We believe our new further advance rates are among the most competitive in the market place. That, combined with the new, relaxed planning laws, could make a home extension an affordable solution,’ she added.

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