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3.25m looking to move home in next year

Wednesday, 25 June 2008 12:51 AM

Over 3.25 million British homeowners are looking to move property over the next 12 months, according to new research from Alliance & Leicester.

Would-be movers are also committed to moving, despite the turmoil in the market, the organisation's Moving or Improving report suggests.

The research also reports a sharp increase in the number of homeowners looking to improve their property in order to make a sale.

More than one in three homeowners (38 per cent) who have sold a property in the past have, at some point, made improvements specifically to increase the sale appeal of their property, with an average spend of £3,000.

This trend of improving in order to sell continues, with one in five (19 per cent) homeowners stating that they will be making improvements to their home in the next 12 months in order to add value or increase saleability.

"Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property," said Richard Taylor, head of mortgage products at Alliance & Leicester.

"However, it is clear that DIY and home improvements remain important to all homeowners, both to those looking to add value to their house in order to sell, and to those who are looking to stay put and benefit from these improvements personally."

The most popular way for homeowners to add value to their homes is to redecorate (69 per cent), closely followed by improving the outdoor space (59 per cent) and carrying out routine maintenance (44 per cent).

Homeowners are less willing to make more substantial improvements, with only one in six (16 per cent) planning to add an extension and only one in ten (11 per cent) planning to make their home more eco-friendly.

"Recent pressures felt by homeowners looking to sell means it is essential they are in-tune with what potential buyers are looking for," continued Mr Taylor.

"What sellers perceive as necessary improvements can often be irrelevant to those looking to buy.

"However, there are many worthwhile and value-adding improvements which will make properties more attractive to the buyer and generate the market value of the property.

"It is important that both buyers and sellers make sensible decisions within the current climate and remain within their personal affordability levels," he concluded.

Chris O'Toole

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