Homeowners extend rather than move

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by Kay Murchie

A growing number of homeowners are opting to renovate and extend their property instead of moving house. Homeowners are also inclined to settle in an area and have little or no desire to move.

According to research by Standard Life Bank, as many as 75% of those questioned declared that the cost of moving puts them off while 3 in 5 want to stay in the same area. A further third of those questioned believe they can add more value to their current home.

A spokesperson for Standard Life noted that with just one in 10 homeowners aged between 30 and 40 announcing they plan to move house shortly, the property ladder is set for a shake up.

The trend is set to have an effect upon the housing ladder with families improving upon second or third properties and not purchasing larger houses like they would have done previously.

Many homeowners understand that their property is a valuable asset and investing time, effort and money could be beneficial. One in 10 has added additional rooms to their property. Extensions, loft conversions, extra bedrooms and bathrooms are popular ways of expanding.