Some 17 per cent of northern homeowners improving rather than moving home
Around 17 per cent of homeowners in the north of England are choosing to improve their home because they cannot afford to move, a study from Lloyds Bank reveals.
According to propertywire.com, northern homeowners are making the most of their situation, as 46 per cent are choosing to renovate their homes for their own benefit. This figure is much higher than the national average, which currently sits at 40 per cent. Only eight per cent are improving their homes for selling purposes.
One fifth of homeowners in the north planning property renovations are focusing on adding new bedrooms. This is probably because most people in this area are most keen to make their house a home, rather than move on to somewhere new.
Some people are simply improving their homes to make room for the increasing number of family members they're accommodating. Across the whole of England and Wales, 22 per cent of homeowners are making property changes for this reason.
Creating more living space is the most important work to be carried out, with 60 per cent of homeowners focusing on this area. Kitchens come second, as 40 per cent are looking to expand or improve this room.
Marc Page, Lloyds Bank mortgages director, says 14 million people are carrying out large scale work now, or will be next year.
"Rising house prices are clearly having an impact, with almost one in five buying smaller properties than they would have liked," he explains, reports easier.com. "However, this is giving more people an opportunity to undertake home improvements, whether they are trying to maximise the value of their property, or even make it more sellable in future."