The research by Aviva shows that 68% of homeowners see their home as an emotional investment, where they seek relaxation and calm, rather than a commodity to make money for the future.
And in the event of losing their existing home almost three quarters of people (71%) said they would want to buy it back and 16% said they would be prepared to pay more than the market value for it.
The Hoppers V Stoppers study by Aviva and Dr Paul Keedwell, expert in environmental psychology at Cardiff University, has calculated that, in monetary terms, the average homeowner has an emotional equity of £26,880 in their property - the Emotional Added Value (EAV) has been determined by the memories, milestones and personal contributions people have made in their homes.
The study reveals a surprising re-assessment of how the nation views its homes in recession-hit Britain 2009:
- The ‘Hopper' culture has virtually collapsed - 80% of people considered themselves to be home hoppers before the recession while only 26% say the same today
- The majority of respondents believe that their humble abode is first and foremost a place to relax (85%)
- Over 80% see their home as a sanctuary where they feel safe and secure
- Almost three quarters of Brits would prefer to spend their recreational time in the comfort of their domestic surroundings (72%)
