Money News
Savvy thirty and forty-something homeowners are staying put rather than upping sticks according to a new survey. The cost and hassle is putting off three quarters from moving, three out of five want to stay in the same area and a third believe they can add more value to their property by doing it up. The "renovation generation" is upgrading and extending its property rather than moving home according to the new research from Standard Life Bank.
This activity is set to transform the housing market as homes are extended to house growing families rather than those families buying bigger properties; one in 10 of the renovators say they have added extra rooms. And by creating new bathrooms, bedrooms, loft conversions and extensions, they are building an average of 150 square feet onto their properties.
Ashley Ramsay, trends expert at Standard Life Bank, said that the renovation generation's determination to stay put and improve could have serious ramifications for the housing market.
Ms Ramsay said, "With just one in 10 homeowners 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 homeowners 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."
03 September 2007 © Moneyextra.com
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