The Council of Mortgage Lenders recently reported that over 900,000 borrowers would now be in negative equity, as a result of the downturn in the property market.
They added that three in four of those have an average shortfall of between Â£6,000 and Â£8,000 so many homeowners now find themselves unable to move.
While a stagnant market could make you feel like youâ€™re stuck on the same rung of the property ladder, why not make plans for when you can sell? Investing in some home improvements now could help claw back some of the value your property has lost.
There have already been a few small indications of recovery in the market recently – both Nationwide and Halifax have reported an average 1.5% rise in house prices in May, compared to almost 18 months of decline. Therefore now could be the perfect time to get your property into shape and ready for the recovery.
Adding significant value to your property, doesnâ€™t necessarily mean spending a fortune on extensions, brand new kitchens or loft conversions; there are simpler and less expensive methods that could add considerably to your selling price.
So if current market conditions have left you unable to move, maximising the potential of your home is the next best thing. With a variety of ways to make improvements, to suit a range of budgets, it is possible to regain some of that lost value and prepare your biggest asset, for when the property market recovers.
Even if moving is a long way off yet, you can still enjoy the improvements you make whilst you live there!
Scroll down for some examples: