According to research, home owners under the age of 25 are shunning the traditional improvements to their homes, particularly in the kitchen and bathroom. Of the home owners surveyed, 19 per cent reported that they would consider a loft conversion to extend the space in their home while only 15 per cent would look at building a conservatory.
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Londoners were most likely to undertake renovations to improve the saleability of their home, while Scots were most likely to sell their property without any changes, according to the research. The over-50s were less likely than young home owners to make changes to their home, with 31 per cent aiming to sell their house in its current condition compared to just 14 per cent of under 25s.
Tim Hague, director of BM Solutions, said: “Young home owners have found that it’s hard to scrimp and save to get onto the property ladder, and today's market means that it can be just as tough to take the next step up. This research shows it’s not easy but today’s young home owners are working really hard to maximise the value of their property so that they can continue to rise up the ladder.”
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Susie Ratcliffe, PR officer at Chelsea Building Society, said: “While it may be hard when you first start on the housing ladder to see how you will have the equity or capital to make improvements to your home, it is always worth remembering that improvements around the house can increase its value and in turn help progression up the housing ladder.”
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