A recent survey of home owners reports that a majority of home owners are considering renovating "dead space", and transforming it into a livable area.

The average cost of a renovation project, as reported by the survey, was found to be just over £10,000, and many home owners are reporting that they are using home loans to finance these home developments.

Home renovations are used to get extra storage and living space for family members. The most common spaces renovated are lofts and garages, and these were often converted into an additional bedroom, or a work room or study.

Home loans have been an increasingly popular option for renovation financing, as people are attracted to the flexible repayment durations, and low interest rates offered through a home loan. Additionally, the huge surge in equity values over the last few years has left home owners with a lot of extra equity value to work with.

Home owners report that they believe that the renovations are both a way to increase the utility of their homes, as well as a way to increase the property or resale value of the home.

UK homeowners have already shelled out almost 90 billion pounds in the nation wide housing conversion craze, and rising interest rates show no sign of deterring would-be home improvers from additional renovation projects.

Analysts remind home owners who have completed renovations to ensure that they adjust their insurance coverage's on their homes to reflect the increased value of the home after the renovation.

As long as housing prices continue to climb, analysts say the desire to continue home improvements is unlikely to abate. Homeowners are currently in the enviable position to capitalize on a huge rise in equity vales to finance home improvement projects, enjoy the new home space after the completed renovation and see their home's value rise substantially after the completed renovation.