Let’s face it, most households are suffering in some shape or form from the ever continuing difficult economic climate that the British public are having to endure, and the picture certainly doesn’t seem to be improving anytime soon. So it will come as no surprise that when the world’s largest building society – Nationwide, ran a survey to find out how many home owners were considering moving house versus improving their current home, the study revealed an overwhelming response in favour of home improvements.
The online survey conducted in June 2012 consisted of 2,068 adults and 1,324 of those were home owners. Of the home owners 47% stated they would be making home improvements in the next year, with only 8% confirming they are planning on moving home.
With a stagnant housing market, rising fuel and utility bills and job security at an all-time low, taking a more cautious approach is clearly the choice most people are adopting.
However, it is not all doom and gloom as any improvements made to the home will ultimately have a positive impact on the overall value of a home, and even more so if those improvements include improving the insulation of a home, which will also help reduce ever increasing energy bills.
It would seem the option to make improvements around the home rather than move is a popular choice and Nationwide’s survey results are certainly consistent with other companies conducting similar surveys. Everest ran an online poll at this year’s Ideal Home Show where more than 80% of respondents stated that they would like to improve the look of their homes with the aim of improving their standard of living. The survey also revealed that 16% of participants said they would be interested in reducing their energy bills by either installing renewable technologies such as solar PV panels or replacing windows with double glazing.
At the start of this year Bosch Power Tools also ran a survey to understand what was at the top of Brits to do lists this year, whilst dieting and taking up a new hobby appeared high on people’s lists, the number one priority for most UK homeowners is to undertake some home improvements, from simple jobs such as painting and decorating to fitting new kitchens or bathrooms.
Whilst making home improvements is certainly cheaper than moving to a larger home, Nationwide’s survey interestingly revealed the most common loan amount UK homeowners take out for home improvements ranges between ten and twelve thousand pounds taken out of a five year period, so that’s good news for those businesses and trades professionals who operate in the home improvement sector.