A recent survey from a UK comparison site provider has found that more than half of the 2,500 homeowners it questioned would rather make home improvements than move up the property ladder.
Steep moving costs, stamp duty tax and high house prices are the main contributing factors to the ‘improve not move’ trend.
As of August 2016, the average house price in the UK is £218,964, rising by 8.4% compared to the previous year.
The report also found that homeowners who were looking to take the next step on the property ladder are taking on an ‘improve before you move’ strategy, with four in 10 respondents saying they would undertake home improvements specifically to increase the value of their home. Popular home improvements include flat-roof extensions at the rear of properties to create open plan kitchen living space and ‘premium’ products such as bi-fold doors.
Jeremy Brett, managing director of the Consumer Protection Association, which conducted the survey, commented on the trend: “With rising property prices and the steep fees associated with moving, many homeowners are staying put and instead choosing to invest in their homes.
“Creating more space tops the list of modifications but homeowners looking to move are also investing, choosing premium products such as bi-fold doors to add value to their home before selling.”
Jeremy says feedback from CPA members shows an increase in business as a result of the ‘improve not move’ trend.