Around half (47 per cent) of homeowners are choosing to make home improvements in the next year, a survey from Nationwide has revealed, compared with just eight per cent who are planning to move house. Of the people planning home improvements, updating and modernising their décor was the most popular task at 72 per cent, although one in ten people admitted that they are running out of space in their property.
Paul Wootton, head of personal loans at Nationwide, said: “A static housing market means many people are unable to move home and are opting to make home improvements instead. Making major renovations to your home can be expensive and people could be spending much more than they need to if they fail to shop around for the best rate.”
The findings indicate a slow-moving housing market, which may make it difficult for people to secure quick home sales when they need to. This is backed up by the latest data from the Council of Mortgage Lenders, which showed a five per cent month-on-month fall in house purchase lending in June.