The study showed thirty- and forty-something homeowners are staying put rather than upping sticks. The cost and hassle is putting off three-quarters from moving, three out of five want to stay in the same area, and a third believe they can add more value to their property by doing it up.
Their activity is set to transform the housing market as second and third homes are extended to house growing families rather than those families buying bigger properties. One in 10 of the renovators say they have added extra rooms and, by creating new bathrooms, bedrooms, loft conversions and extensions, they are building an average of 150 square feet onto their properties.
Ashley Ramsay, trends expert at Standard Life Bank, said that the renovation generation’s determination to stay put and improve could have serious ramifications for the housing market.
Ramsay said: “With just one in 10 homeowners in their 30s and 40s saying they plan to move house soon, the property ladder as we know it is set for a shake up. Savvy homeowners appreciate that their property is a valuable asset and investing time, effort and money could be worthwhile. Having chosen where they want to live and settled into neighbourhoods, they are loathe to start over again."
Ramsay said that Standard Life Bank was seeing increasing numbers of homeowners drawing down on their mortgages to finance home improvements.
“With growing demands on lifestyles and personal finance, finding funds for renovation can be an issue. It is important to look at all the options available, however drawing down at low mortgage rates could be a cost effective option worth considering.”
The research found that these homeowners are also taking their upgrading skills to other areas of their lives.
Ramsay said: “We are seeing more and more homeowners approaching us to help upgrade their lives. Whether renovating their home, investing in the latest technology or organising the holiday of a lifetime, having access to flexible finances can make all the difference. Homeowners tell us they want to upgrade their lives with as little hassle as possible, and we are working with them to ensure they can do just that.”
