Homeowners build bigger nests

Monday, 03, Sep 2007 11:14

An increasing number of homeowners are choosing to renovate and extend their property, rather than move house.

Just one in ten homeowners age between 30 and 40 years of age are planning to move home, with many stating they would rather upgrade than move, according to research released today by Standard Life Bank.

As many as three quarters of those questioned state that the cost of moving puts them off doing so, while three in five want to stay in the same area.

Another third believe they can add more value to their existing residence.

The trend is set to impact upon the housing ladder with families improving upon second or third properties and not buying larger houses as they would have done in the past.

"With just one in 10 homeowners in their 30s and 40s saying they plan to move house soon, the property ladder as we know it is set for a shake up," commented Ashley Ramsay, trends expert at Standard Life Bank.

"Savvy homeowners appreciate that their property is a valuable asset and investing time, effort and money could be worthwhile."

Up to one in ten renovators have added extra rooms to their property.

Loft conversions and extensions or extra bathrooms or bedrooms are popular ways of expanding, with the average home owner adding 150 sq ft. of floor space during home improvements.

Homeowners also tend to settle in one area and have little desire to move.

"Having chosen where they want to live and settled into neighbourhoods, they are loathe to start over again," concluded Mr Ramsay.