15 Jan

Homeowners may be reluctant to move

Homeowners may be reluctant to move

The majority of homeowners in the UK prefer to improve their current property rather than move, according to new research.

A survey, commissioned by Wooden Blinds Direct, found 94 per cent of homeowners want to spend on their current house - although some are making changes to make it more sellable in the future.

Recent reductions in the stamp duty system do not appear to be encouraging many people to look around for a new home, with the average homeowner planning to spend more than £5,500 making improvements to where they live now.

However, there are regional differences, with only 35 per cent of Scottish-based home owners planning a renovation over the next 12 months and an average budget of £4,576.21.

This was significantly higher in the South West, where homeowners are set to spend an average of £10,430 in 2015 to cover the cost of extensions, decorating and renovation projects.

It would also appear that men are keener to spend cash on making changes during 2015, with male owners allocating an average of £1320.78 more on home renovations in 2015 than their female counterparts.

"The housing market is still volatile and that’s reflected in the results of our survey. People are more concerned with making the house they’re in more comfortable than moving out. Whether that’s by extending and building or even by simply redecorating rooms it's obviously a much cheaper alternative," said Lee Fisher, marketing manager at Wooden Blinds Direct.ADNFCR-1222-ID-801770318-ADNFCR

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