30th April 2018
Five times as many homeowners choosing to improve rather than move
New research has revealed that compared with 2013, people are five times more likely to invest in home improvements than before. It seems that rising house prices and Brexit uncertainty may be behind an increased number of people choosing home improvements such as extensions and conservatories rather than moving house.
Research carried out by insurance company Hiscox revealed that in the last four years there has been a five-fold increase in those choosing home improvements over moving to a new house. In 2013, a survey concluded that just 3% of homeowners were considering improving their existing home rather than look elsewhere, whilst this figure now stands at 15%.
These findings follow similar research conducted by Halifax Insurance, which found that between 2012 – 2016, planning applications for home improvements had jumped by 26%.
High property prices (an average increase of 41% between 2012-2017), stamp duty and concerns about interest rates and Brexit have been attributed to the increase in home improvers, and the housing market remains uncertain. Phil Thorn, spokesperson for home insurance at Hiscox, stated: “Many view home renovations as an easier or more economical alternative to moving…it can enhance a home’s potential and it can add to the equity they hold in the property.”
One in four questioned in the Hiscox survey stated that money was a key factor as to why they were choosing to improve rather than move. Cox highlights that for those looking to save money by improving their existing property, it’s important to choose improvements that are likely to add lasting value to your home in the case that you eventually choose to sell. Conservatories are a versatile way of increasing your living space whilst also adding to the value of your home!
Are you thinking of staying put and improving your home with a new conservatory, orangery, windows, or doors? We are your number one choice for home improvements in Dorset. Contact us today on 01202 536422.