Print

Fearless Brits ‘unfazed' by credit woe

A staggering number of Brits are willing to risk the wrath of the credit crunch, a new survey has revealed...

According to new Moving Improving research from Alliance & Leicester, ,more than three million homeowners (3.25 million) are looking to move house over the next 12 months, despite negative changes in the housing market.  The research also revealed that:

- More than one in three homeowners (38%) who have sold a property in the past have, at some point, made improvements specifically to increase the sale appeal of their property, with an average spend of £3,000.

- One in five (19%) homeowners stated that they will be making improvements to their home in the next 12 months in order to add value or increase saleability.

- The majority of homeowners (50%) are still improving their home to make it a nicer place to live and to avoid the expense and upheaval of moving elsewhere.

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, commented: "Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property. 

"However, it is clear that DIY and home improvements remain important to all homeowners, both to those looking to add value to their house in order to sell, and to those who are looking to stay put and benefit from these improvements personally."

The most popular way for homeowners to add value to their homes is to:

- Re‑decorate (69)

- Improving outdoor space (59%)

- Carrying out routine maintenance (44%)

- Add an extension (16%)

- Make the home more eco‑friendly. (10%)

Richard Taylor, continued: "Recent pressures felt by homeowners looking to sell means it is essential they are in-tune with what potential buyers are looking for.  What sellers perceive as necessary improvements can often be irrelevant to those looking to buy. 

"However there are many worthwhile and value-adding improvements which will make properties more attractive to the buyer and generate the market value of the property. 

"It is important that both buyers and sellers make sensible decisions within the current climate and remain within their personal affordability levels."