People appear to be increasingly interested in making home improvements like having new composite doors installed rather than moving house. New research has just revealed that one in five homeowners in the UK intend to do their houses up in 2016, instead of relocating.
The Clydesdale and Yorkshire Banks analysis found that the average loan size for renovation projects in 2015 was £7,979, information that could well be useful for anyone thinking about starting work at home and wondering just how much certain projects will cost.
Of course, not everyone will be doing their houses up and some – especially those in London – are now looking to move. It was found that 14 per cent of all property owners in the country are keen to relocate, with ten per cent of those in London looking to live elsewhere, while nine per cent want to downsize and seven per cent have plans to move up the property ladder.
Steve Fletcher, head of customer banking networks with Clydesdale and Yorkshire Banks, said: “This time of year is traditionally synonymous with spring cleaning and DIY, and many homeowners also find it is a popular time of year to make decisions about whether to move or improve.”
The top ten list of most popular home improvements was published recently by Gocompare.com Money, with new kitchens, extensions, bathrooms, garden makeovers, attic conversions, new boilers and central heating systems, open plan rooms, double glazing, extra bedrooms and solar panels all featuring in the rundown. Perhaps take inspiration from this list if you’re thinking of renovating this year.
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