Move or Renovate: What Do Brits Do?

After living in the same residence for years, it’s common for homeowners to start to feel tired of their surroundings. This leaves them with two main options – either renovate or move. So, what do Brits do when they find themselves desperate for a change?

The majority of Brits renovate instead of move

According to research, the majority of Brits today are choosing to renovate their homes rather than moving to a new one. The number of homeowners carrying out their own repairs and renovations has increased five-fold according to a recent study carried out by Hiscox.

There are a number of reasons why this trend is increasing including:

• High property prices
• Brexit uncertainty
• A slow property market
• Stamp duty

There’s no denying property prices have significantly increased in recent years. This combined with the increase in stamp duty and a slow market has deterred homeowners from moving. Unsurprisingly, Brexit has also played a role in their decision to renovate. With a lot of uncertainty still surrounding Brexit and how it will affect the housing market, it’s safer for homeowners to stay put until they know for certain what is happening.

Which renovations are most popular?

There are several types of renovations which prove to be more popular. Kitchen and bathroom renovations have remained the most popular for many years now. This is unsurprising given that these are the two most used in the home. However, garden renovations have also started to become popular, along with loft conversions.

The benefits of renovating rather than moving

While many homeowners may feel trapped into renovating rather than moving, it can actually be a positive thing. Renovating the home can deliver many benefits.

The fact that it is much cheaper is obviously the biggest benefit. You can pick up all of the tools you need at an affordable cost from companies such as SGS. When you compare the costs of renovating to moving, you could save thousands of pounds. As an additional benefit, fixing things and taking care of renovations yourself can give you a sense of achievement.

You will also get to stay in the same home while benefitting from a completely different environment. It’s often not until homeowners place their property onto the market that they realise they have a large emotional attachment to the place. With renovations, you can change the entire layout of the property and make it look completely different. This gives it the feel of a brand new property without the hassle of moving.

So, Brits today are choosing to renovate rather than move to another property. With the state of the housing market and the uncertainty of Brexit, it’s unsurprising many are reluctant to try to move.