UK homeowners are opting to home improve rather than move according to research from Barclays Mortgages.
In its 2018 Home Improvement Report, Barclays revealed the average British homeowners lives in their property for 19 years before moving on and regularly updates their home while they’re living there.
According to the research, more than half of homeowners (54 percent) choose to improve their current home rather than seek out a new place to live.
Getting rid of decorating faux pas
Asked to identify the decorating no-nos they want to get rid of, those participating in the home report pointed to a carpet in the bathroom, mirrored ceilings and woodchip on the walls as among the worst faux pas. What they covet are bi-fold external doors that lead into the garden.
The report says that the most popular home improvements are fitting new carpets (35 percent), putting in a new kitchen (31 percent) and landscaping the garden (29 percent). Smart home tech (26 percent) and a spa bathroom (20 percent) are among the other improvements homeowners dream of.
Two-thirds of homeowners (60 percent) hate woodchip wallpaper on the walls, while ugly blinds (44 percent) and fake beams (44 percent) are décor horror shows.
Affordability a factor in staying put
Barclays Mortgages teamed up with property analytics firm Hometrack to reveal that the average homeowner lives in their property for 19 years. Those living in Wales are most likely to live longest in a home, on average almost 23 years, but Scots are the most restless, moving on average every 15 years.
Quizzed on why they would improve and not move, more than a quarter (28 percent) said they wanted to move but couldn’t afford to do so, so redecorating or extending was the affordable alternative.
Motivated to update interiors
Hannah Bernard, Head of Mortgages at Barclays, said: “The Barclays Mortgages Home Improvement Report highlights a strong appetite among homeowners to make improvements.
“We understand that there are many motivations for updating your home, from simply wanting to make your home better reflect your own tastes to adding more space for a growing family.”
One Poll carried out the consumer research for Barclays Mortgages in August, quizzing 2,000 homeowners.
Homeward Legal can help with remortgage legal work
When you’ve decided to carry out home improvements rather than move home, there’s a good chance you’re also remortgaging. You need an expert conveyancing solicitor on your side to carry out the essential legal work with your lender.
Homeward Legal works with experienced property lawyers across England and Wales to deliver the best conveyancing services on the market. Talk to our team now on 0800 038 6699. You can also get an instant, no-obligation quote for remortgage conveyancing services online.