Need more space? Stats show basements are the new conservatories

With an uncertain housing market, Britons are instead making the most of things, and trying to turn their current abodes into their ideal homes.

Only one in five Brits live in their dream house, according to research by Halifax Insurance - in fact, almost two thirds (62 per cent) of those who live in homes worth more than £500,000 say their current house isn’t the home of their dreams.

So it’s understandable that one fifth of homeowners having spent at least £11,000 on domestic improvements in the last two years.

In fact, almost two thirds (63 per cent) of homeowners have done up their dwellings over this period with homeowners most likely to spend between £2,000 and £5,000.

There are, however, signs that DIY fever might be cooling - the last 12 months (June 2016-May 2017) have seen a year-on-year increase in planning applications of less than 2 per cent, a significant slowing from the 6 per cent growth seen over the same period a year earlier.

The data also shows how Britain’s ‘dream home’ is changing. While single storey extensions (up 49 per cent since 2012) and loft conversions (up 43 per cent ) remain most popular, basements have seen the most dramatic growth in applications, a rise of 183 per cent since 2012.

Meanwhile, conservatories and porches are going out of fashion in most parts of the country, recording a 3 per cent fall in applications over the last five years.

But it’s a new kitchen takes the top spot on Britain’s ‘dream home’ wish-list (cited by 37 per cent of homeowners), followed by bigger rooms (22 per cent ), extra bedrooms (19 per cent ) and extra bathrooms (17 per cent ).

Perhaps encouragingly, a dream abode may not be entirely out of reach – when asked what homeowners would like to see in their ideal home, respondents said an extra bathroom is a more desired addition than a swimming pool.

And differences in the definition of an ideal home varies between the sexes - twice as many women as men would look for a separate utility room, while twice as many men as women want a games room.