Survey reveals homeowners value home improvements over relocation
The UK housing market has suffered significantly since the beginning of the global economic crisis. The recession has left millions of people unable to move, with a lack of available funds and low buyer confidence.
Homeowners have seen the value of their properties take a dive over the last five years and as a result many have turned to home improvements to boost the value of their property. New figures from Everest Home Improvements show that home expansions are now a more popular choice than moving.
The study found that 53% of people would rather add a conservatory to their current home than move to a different property altogether. Just 46% of those polled would rather move home.
There are a number of different factors to consider when moving home, such as location, budget, number of bedrooms and age of the property. Having a conservatory appears to be a major factor as the majority of homeowners would rather stay where they are and have one built than move to another property entirely.
The research found conservatories were a popular option for all age demographics, with even those in their later years viewing them as an attractive addition to their home. 54% of over 55-year olds said they would prefer to add a conservatory rather than move home with 35-54 year olds returning a similar figure of 52%.
The research also found that a staggering 63% of those polled said a conservatory was an extension to property space. Of those who view a conservatory as additional space, some 66% were male and 60% were female.
Adding a conservatory could be a great way of pumping value into your property as an additional feature and living space.
Whilst some homeowners might feel that a conservatory might not be practical all year round, this is not necessarily the case. Modern conservatories have plenty of double-glazing options available to keep your conservatory warm and weather proof all year round.
The most popular region in the UK where people prefer a conservatory over moving is Northern Ireland, with a massive 75% of respondents opting for the extension. Just 50% of residents in the South would prefer a conservatory instead of relocating, as would 57% of those in the Midlands and Wales, and 52% in the North and Scotland.
The majority of those who would prefer to build a conservatory than relocate have children. Those households with four children are particularly keen to stay and extend, with a massive 71% saying they would prefer to build on their existing property.