Half of homeowners would rather improve than move
A UK comparison site provider has found that more than half of the 2,500 homeowners would rather make home improvements than move up the property ladder.
A recent survey conducted by the Consumer Protection Association found that steep moving costs, stamp duty tax and high house prices are the main contributing factors to the ‘improve not move’ trend.
In August 2016, the average house price in the UK was £218,964, an increase of 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 bifold doors.
Jeremy Brett, managing director of the Consumer Protection Association, said: “Creating more space tops the list of modifications but homeowners looking to move are also investing, choosing premium products such as bifold doors to add value to their home before selling.
“Bifold doors were a focus at the Home Building & Renovating Show 2016, showing that homeowner demand for this product hasn’t waned. This desire from homeowners to improve their properties creates a good opportunity for our members to swell their order books.”
Jeremy also said that feedback from CPA members showed an increase in business as a result of the improve not move trend.