80% of homeowners plan to improve not move

14/06/2011

By Paul McGurk

Almost four fifths of people in the UK believe that renovating or improving a property is a better bet than moving house in the current market, a new survey says.

Research commissioned by self-storage company Safestore found that 58 per cent of people have mixed feelings about the housing market in the current economic climate.

The same percentage also had not changed their feelings about the state of the market since the company’s last Moving and Improving Index carried out in November 2010.

However, more home owners are planning to move in the coming six month period - with six per cent confirming this intention in May, up from five per cent of those surveyed in November.

Meanwhile, decoration or renovation is a priority for 51 per cent of survey respondents, who say they plan to make an investment in their home in the next six months.
Peter Gowers, chief executive of Safestore, said: "Homeowners seem to be thinking strategically – investing in their home now could reap rewards should they wish to sell in the future."