Don't move, improve
| Financial Guidance

Don't move, improve

The number of people choosing to move up or down the housing ladder in the UK has fallen for the first time in 5 years, with half as many homeowners moving on last year than a decade ago.

According to the latest Lloyds Bank Homemover review, during 2016 the number of properties listed for sale in London dropped to a record low, with 13,000 fewer homeowners looking to relocate than the year before.

Miles Shipside, housing market analyst at Rightmove said “Owners now seem well aware of the more challenging conditions, with high stamp duty costs and Brexit uncertainty perhaps making them hold back from trying to sell”

Rising house prices across most regions in England and Wales have pushed the average homemover deposit up to £96,968, a rise of 6% in the last year. This increases to more than £100,000 when you look at East Anglia, the South West and the South East in isolation.

While it’s too early to know whether this trend will continue for the rest of 2017, for the moment many seem to have lost that moving feeling and are choosing to improve and extend their homes instead of selling up.

Home improvements not only makes your home more enjoyable and practical to live in, it may also add thousands to its value. For example, adding an extension can increase the value of a £250,000 home by £25,000!*. Why not take a look at our Home Improvements calculator to see what certain home improvements can do for your property value:

Source: Rightmove
Lloyds Bank Homemover review
*The cost price is derived from average UK remodelling costs. The average increase in property values with an extension is 11% according to Adding Value to Your Home by Phil Spencer

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