A new survey by the Halifax has found that a loft conversion could add £20,000 to the value of a home on average, while costing around half that much to do, as long as it complies with building regulation.

In fact, homeowners should consider bigger projects if they want to add significant value to their homes, according to the Halifax.

More than a third of valuers (35%) said that while painting and decorating makes a home more appealing to prospective buyers, it adds little or no actual value.

After loft conversions come room extensions, which add an average of £16,000 to a home’s value. New kitchens, windows and bathrooms also feature on the list, boosting property prices by £3,000 to £6,000 on average.

According to Halifax there was a 124% jump in the value of adding a driveway or off-road parking to a home. It now adds almost £3,000 to the price of a home on average, compared to just over £1,000 in 2009.

Meanwhile, research carried out by the National Association of Estate Agents shows that more than 40% of its members believe creating additional living space is the best way of increasing the value of a property, but warns homeowners to consider overall prices in their area as this will dictate their home’s maximum selling price.