A record number of people over the age of 55 have made use of equity release schemes to access some of the money tied up in their homes, new research from Key Retirement has found.

The organisation revealed that over £3 billion was paid out to homeowners during 2017, with the majority of these stating that they plan to use some or all of the money they received to carry out home improvements.

In fact, 64 per cent of those questioned by the firm said that some or all of the money they’d released would be used for home and garden improvement projects.

There are a host of things that people may want to do to their properties, from making their gardens easier to manage as they get older, to carrying out loft conversions in Ilkeston so that they have enough room for family to stay with them.

Last summer, the Express noted that having a loft conversion at your home is the project that can add the greatest value to your property.

According to the news provider, a loft conversion can add up to 13 per cent to the value of your home and, should you sell the property, you’re likely to get up to 70 per cent of the money you invest in it back.

The average cost of carrying out a loft conversion is £23,700, with the average profit on this investment coming in at £16,480. However, just two per cent of homeowners opt to go down this route, with the most popular home improvement project fitting a new kitchen.