UK Homeowners Shun Moving in Favour of Renovating

Research carried out in the UK indicates homeowners are putting the brakes on selling up and choosing to carry out home improvement projects instead. A leading bathroom retailer conducted a poll and discovered 60 percent of UK homeowners planned to renovate their properties in the next six months. The estimated cost of all this DIY is estimated to be £50 billion.

Planning Applications Rise

Planning applications for home improvement projects in the UK rose last year by three percent. London homeowners filed the biggest number of planning applications, and planning applications in the South East rose by 2.9 percent, but the North West saw the biggest rise – a staggering nine percent rise.

Figures released by the Halifax show that the UK property market has slowed down in the last 12-months. Property sales were rather flat in the first quarter of this year, although estate agents do expect to see a boost in sales now the weather has improved.

Brexit Fears

Experts believe that the rise in home improvement projects as opposed to selling up is in response to fears over Brexit. Many homeowners are concerned that interest rates will rise once the UK departs the EU, and with thorny issues such as whether the UK remains in the Customs Union still unresolved, their fears are probably justified. As such, homeowners are choosing to renovate rather than run the gauntlet of a stagnant property market, moving expenses, and Stamp Duty Land Tax.

The most popular home improvement is an extension, which makes sense. After all, the main reason homeowners move is that they need extra space. Growing families usually look to move from small starter homes into three or four-bed family homes. Unfortunately, moving into a larger property inevitably means taking out a larger mortgage, and with mortgage lending criteria now much tighter, it is not easy for homeowners to find a lender willing to hand over the extra money.

The Cost of Renovating

It costs less to renovate a property than it does to sell up, so it is no surprise that homeowners are taking out loans or using credit cards to pay for home improvement projects. Adding extra bedrooms or extending living space is always a smart move, but new kitchens and bathrooms also add value to a property and make it more attractive to live in. Even small improvements, such as installing hardwood flooring, a log burner, or replacing windows will add value and make a property easier to sell when the time comes.

If you can’t afford to add a new bathroom or build an extension, there are many small improvements you can do to your home. Simple things, such as painting a feature wall in the living room, redecorating with a modern colour palette, or replacing your old picture and photo frames with new ones from https://cronescustomwoodworking.com/oval-picture-frames/ will all help breathe new life into your home.

Homeowners undecided about whether to sell up or renovate are advised to speak to an estate agent to find out what their home is worth in the current property market. It might be worth more than you think, but don’t forget to account for the costs of moving, as these can soon add up.