Home improvements favoured over moving, study finds
Some 47 per cent of homeowners are going to improve their properties in the next 12 months.
This is according to a survey carried out by Nationwide Building Society, which also discovered only eight per cent of people are planning to move to another house.
The relative stagnation in the market at present means lettings in London could increase in popularity.
Of those who have set their heart on overhauling a house, 72 per cent will tackle the decor, while nine per cent are looking to add extra space.
Over the past five years, the lender has found the most common amount borrowed for a home improvement loan is £10,000.
Paul Wootton, Nationwide's head of personal loans, stated: "A static housing market means many people are unable to move home and are opting to make home improvements instead."
He added making major renovations is expensive and so people should make sure they shop around and get the best rate possible.
Posted by Andy Britten
Published 26th July, 2012
© 2012 Estates IT Limited
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Nearly 50 per cent of people are planning to improve their home, while only eight per cent are looking to move.