The Bank of England has raised interest rates for the first time in 10 years which puts moving on ice for many of us
The average homeowner is pledging to stay put in their current home for the next eight years, citing “rising house prices” (38%) and “Brexit” (26%) as key reasons for not moving, that’s according to a survey of over 1,000 UK homeowners from comparethemarket.com.
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This evidence coincides with The Bank of England raising the base rate this month to 0.5%, up from its previous 0.25%. Although the move was widely anticipated as the interest rate rises are often used to temper inflation still almost one in three (29%) of homeowners are delaying plans to move.
On average, Brits are preparing to hunker down, and improve their existing homes instead, saying that they believe they will stay in their current property for the next eight years.
Staying put has resulted in an influx of home improvements to make long-term living a more comfortable and attractive option.
The survey has found the most popular room to do up is the Kitchen, with a quarter (24%) of families most likely to spruce up this room next. This is followed by the bathroom (20.6%) and third favourite is the lounge (17.4%).
However, the research also issues a health warning to wannabee “Doer Uppers”, with 12% admitting to having accidentally hurt themselves in the past. DIY can also lead to high tensions, with one in five (19%) admitting they expect to argue with their partner over the next home improvement job. Homeowners also have a tendency to bite off more than they can chew, with over 1.6 million households (6%) having botched jobs which then required a professional to fix the situation, and 8% breaking existing furniture.
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But don’t be discouraged, as giving your some TLC is proven to be profitable; and according to online property experts, Move with Us, homeowners should, in fact, concentrate on adding an extra bedroom, as it is this room that ranks highest as typical average value added and could increase their property value by approx £14,500.
The following chart from Move with Us, shows just how much money you could make on the value of your home with home improvement:
|Rank||Addition||Typical average value added||Added value (based on the Land Registry’s average house price of approx. £165,000)|
|6th||Off street parking||5.2%||£8,611|
|10th||New conservative decoration||3.7%||£6,127|
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They say moving home can be one of the biggest stresses in life, and with these findings, it looks like quite a lot of you agree.