Homeowners would rather improve than move

Barclays, whcih has branches in Swindon, has released its latest home report which revealed that British home owners are now staying in their property for nearly two decades, with the majority (54 per cent) saying they would rather improve their current home than move to a new one.

In fact, data produced for the Barclays Mortgages report in conjunction with property analytics business Hometrack found that the average person in the UK stays put for 19 years.

The figures show that those in Wales are the least likely to move property regularly, with the average homeowner staying put for nearly 23 years. However, those in Scotland are the quickest movers, upping sticks after an average of almost 15 years.

With a continually challenging property market, it is perhaps not surprising that money is a key driver for homeowners.

In fact, over a quarter (28 per cent) of those surveyed by Barclays Mortgages said that whilst they did want to move, they have had to improve their current home because they cannot afford to do so.

The report also found that social media is having an increasingly large impact on people’s approach to updating their property – particularly in the younger age groups.

For example, four in ten (43 per cent) 23 - 34-year olds surveyed stated that they had been inspired to improve their home from what they have seen on social media. While 15 per cent admitted to improving a room specifically to post on their social channels. No matter what the motivation, the new report highlights how committed homeowners are doing up their homes. In fact, a huge 79 per cent of homeowners have made home improvements in the past two years, and 73 per cent want to make improvements in the next 12 months.

TV property expert Phil Spencer, official spokesperson of the Barclays Mortgages Home Improvement Report, said: “There has long been an appetite for home improvements in the UK, and with so many of us now staying in our properties for such a long time, it is clear that our homes are so much more than just bricks and mortar – they are a space for us to relax and enjoy times with our loved ones, so it is important to make them fit for purpose.

“It is also really interesting to see how social media is impacting on our attitude to home improvements. It’s clear that the likes of Instagram and Pinterest are really inspiring particularly the younger generation and I’m sure this is partly contributing to the changing interior tastes.

“I would encourage anyone looking to update their home to take inspiration where they can, but always think about the long-term – ask yourself how something will look in 3, 5, 10 years before committing your time and money.”

Hannah Bernard, Head of Mortgages at Barclays said: “The report highlights a strong appetite among homeowners to make improvements.

“We understand that there are many motivations for updating your home, from simply wanting to make your home better reflect your own tastes to adding more space for a growing family.”

For further information, visit: https://www.barclays.co.uk/moments/improving-your-home/