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Half of UK Homeowners Plan to Improve their Property this Year

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Thu 22 Jan 2015

Half of UK Homeowners Plan to Improve their Property this Year

More than half of home owners in the UK are planning improvements in 2015 with 12% of them hoping to extend or convert their property, new research shows.

A growing family is the most popular reason for doing this, however, older kids returning home are also behind people’s decisions to extend, according to the survey from mortgage and loans provider Ocean Finance.

Accommodating their growing family is behind the majority of homeowners’ desires to create more space in their property, new research has revealed.

Overall some 54% of home owners in the UK are planning to carry out improvements of some sort on their properties this year with 12% wanting to create more useable space in their properties. Of these, 7.2% are planning an extension of some sort, and 4.8% are considering converting either their loft, garage or cellar.

While decorating is the most popular home improvement being planned by home owners in 2015, with 25% saying they hope to paint and decorate, extending their property is also a popular option. And it seems the main motivation for this is so home owners can ensure there is space for their families to get the most from their properties without moving.
Of those property owners who are planning to create more living space by way of either an extension or conversion, 39% said this is so they can accommodate their growing family.
Meanwhile, 14% revealed it is because they have grown up children who are returning to the family nest, or older relatives who are moving in with them.

Other motivations given for wishing to extend include needing more space for storage cited by 18%, some 10% wanting large open spaces from a stylistic perspective, 8.8% seeing as cheaper than moving, and a further 8.8% wanting to add value to the property.

‘Despite the recent stamp duty changes, moving house is expensive with legal and estate agency fees and moving costs to meet. So it’s no surprise that so many home owners are looking to improve and in some cases extend their existing property,’ said Ian Williams, spokesman for Ocean.

‘Creating more space is clearly a popular option. It’s interesting to see that a leading motivation for this is family; whether that’s more children coming along or grown up kids coming back. It goes to show that many families are willing to put in the work and the investment if it ensures their home grows with them,’ he added.

http://www.propertywire.com/news/europe/uk-home-owners-improve-2015011510046.html