An overwhelming majority (94%) of UK homeowners would prefer to shell out money improving their existing home rather than selling up and moving on this year, according to a study undertaken by Wooden Blinds Direct.
Although there has been a reduction in stamp duty and a 0.7% increase in house prices, nearly half (49%) of the nation’s respondents are ready to stay put and renovate in 2015. Furthermore, people are willing to spend over £5,500 doing so.
The survey quizzed homeowners across the UK on their home improvement spending in 2014 and their anticipated spend in 2015. One of the main reasons for people to renovate was to make their house look nicer (43%), whilst just 6% said they were doing it for the purpose of selling in the next 12 months.
From a regional perspective, stark differences were seen. Only 35% of Scottish homeowners are planning a renovation in 2015 at an average spend of £4,576.21. By contrast, South West homeowners plan to spend over double this, shelling out an average £10,430 on various improvements.
“The housing market is still volatile and that’s reflected in the results of our survey,” said Lee Fisher, Marketing Manager at Wooden Blinds Direct. “People are more concerned with making the house they’re in more comfortable than moving out.”
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