British homeowners looking to boost their property's price may want to consider heading upwards or outwards.

New findings from Nationwide Building Society reveal that loft conversions and extensions are some of the most effective ways to add serious value to your home.

According to a survey, these substantial home improvements could increase a typical property's value by as much as 24 per cent.

The building society's analysis shows that creating extra living space through these larger projects can deliver impressive returns.

Nationwide's senior economist, Andrew Harvey, explained: "Home improvements that increase the size of the property, such as an extension or loft conversion, remain a compelling way to add value."

The research broke down exactly how different improvements translate into value. As per the findings, adding an extra bedroom could boost your property's worth by 13 per cent, while an additional bathroom may add four per cent.

Even a 10 per cent increase in floor area could potentially lift your home's value by five per cent, experts have discovered.

For those considering major renovations, it's worth noting that these typically don't come cheap.

Indeed, homeowners who have taken the plunge in recent years have spent an average of £52,000 on improvements.

'Home improvements that increase the size of the property remain a compelling way to add value'

Younger homeowners aged 25 to 34 have gone even bigger, investing around £97,000 – likely because they're tackling more "substantial" upgrades.

The economist noted: "Location remains key to house values, but other factors, such as the number of bedrooms, are also important to buyers.

"Homeowners who add a loft conversion or extension, incorporating a large double bedroom and bathroom, can add as much as 24 per cent to the value of a three-bedroom, one-bathroom house."

Green improvements are proving particularly popular, with about a third of renovating homeowners making eco-friendly upgrades.

Many buyers are enticed by properties with extra bathrooms and bedrooms

Young homeowners are leading this trend, with an impressive 69 per cent of 25 to 34-year-olds going green when renovating.

Solar panels emerge as the favourite choice, enticing over half of those making green improvements.

This is a stark contrast to older homeowners aged 55 and above, where just 18 per cent have made eco-friendly changes.

The survey also found that 39 per cent of renovating homeowners added outbuildings like sheds or entertainment spaces, while 23 per cent built conservatories.

About a quarter chose loft conversions, and 21 per cent went for single-storey extensions.

For Britons diving into any major renovation, it's important to know the rules. President of NAEA Propertymark, Mary-Lou Press, stresses that homeowners need to be aware of regulations around loft conversions.

"Additional considerations to be aware of also include if your property is listed or sits within a potential conservation area, so it is always vital to fully check with relevant planning departments before undertaking any alterations," she advised.

The good news is that most homeowners end up happy with their renovations, with just four per cent regretting their improvements.

Those who weren't satisfied mainly cited excessive costs and results that didn't match their expectations.