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Brits resolve to improve, not move

17 December 2008

New research by Yorkshire Bank has found that more than half of Brits are making a New Year’s resolution to improve their current home rather than move in 2009.

According to Yorkshire Bank’s quarterly Homebuyers Report, 56% of UK homeowners plan to pick up the paint brush and crack open the tool box in 2009.

Some 45% of those surveyed also said they will be holding an early spring clean to clear out unwanted furniture and items from their home. A third plan to get their hands dirty by improving their gardens over the next year. 

But in stark contrast, just 5% of UK homeowners surveyed said they planned to put their home on the market in the New Year.

Gary Lumby, Yorkshire Bank’s Head of Retail, said: “It seems that many Brits are looking to add value to their current homes in the hope that when the market does pick up, they will be able to capitalise on their investments.”

The Bank’s research showed that homes in the North East are the most likely to undergo a makeover in 2009, with a staggering 80% of homeowners looking to make changes. Those in the West Midlands and East Anglia are the least likely to make any alterations with just 34% planning any home improvements – 22% below the national average.

Gary Lumby continued: “Renovating your home can be expensive and it is important to budget for any improvements. It is sensible to make sure that any changes are not made on impulse and that they will add value in the long term.”

Top five regions planning home improvements

  • North East   80%
  • Yorkshire and Humber 66%
  • South West   61%
  • North West   58%
  • East Midlands  54%

 

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