New survey shows four out of 10 homeowners would consider extending their property rather than moving
The latest poll from Halifax Home Insurance reveals more people would rather improve their current home than face moving in today’s turbulent housing market
Of the 42% that said they would look at improving their home:
• 43% said they would consider extending because it was cheaper than moving
• 35% admitted they could not afford to meet the costs associated with buying a new home
However, not everyone wanted to stay put due to the current housing market. 38% said they would extend their home because they loved it so much they did not want to move, while 28% said they would do so in the hope of increasing its value.
The Halifax research comes following a recent announcement by the Government
that it is relaxing the need to obtain planning permission for certain
home extensions.
David Rochester, of Halifax Home Insurance, said, 'It's no surprise to see this trend of Space Invaders across the country, as extending up, down or sideways can add great value to a property.'
'The current economic uncertainty is also a factor, with a large number of families deciding to stay put this year, and instead invest money in extending into previously unused parts of the home.'
See housetohome's advice on extensions and increasing the value of your home.
