People in their 30s and 40s are staying put as the cost and hassle of moving continues to put owners off. The research showed that three-quarters of respondents claimed that they wanted to stay in the same area and a third believed that they could add more value to their property with improvements.
The activity of this generation is transforming the housing market as second and third homes are extended to house growing families, rather than them moving into bigger properties. One in 10 of the renovators said that they had added extra rooms, with an average of 150 square feet added on to their properties.
Ashley Ramsay, trends expert at Standard Life Bank, said that the ‘renovation generation’s’ determination to stay put and improve their properties could have serious ramifications for the housing market.
Ramsay said: “With just one in 10 home owners 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 home owners 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.”
Stephen Hayter, sales and marketing director at My Home Move, said: “It is a big thing and it is mainly a tax issue. When you are moving from a three to a four-bedroom property and cross the £250,000 threshold you are looking at paying Stamp Duty of £10,000. People will look at building an extension as a viable alternative.”
find the latest industry jobs
get the daily news delivered to your inbox
download our news ticker
