The mindset of UK citizens may just be indicative of the goings-on in other developed countries. This year, a majority of people are willing to stay in their old homes and would rather renovate homes than move to a different house.
Incentives fail to move
There is no lack of incentive though. House prices have risen in all spheres and stamp duty has also been relaxed. Yet, people seem content to stay where they are, and instead make worthy home renovations to make it a better place to live in.
Results are contrary in different states. Northern Ireland has most people attuned to home renovations while in Wales, people are not quite bought by the idea. Those who wish to go with home improvements, however, do not mind shelling out the extra pound. £5500 is the average investment in home renovations; an amount which half the residents of UK are happily dishing out.
A conservative attitude
Perhaps, people are keeping a conservative attitude. They are already aware of the ins and outs of their home and what it desires to become more presentable. New houses, meanwhile, would be an unknown factor in their lives. The house price notwithstanding, they may have to spend considerably in their bid to renovate homes they buy.
Home renovations not for resale purpose
Interestingly, an incredible 90-odd percent people are taking the home renovations route just to make their house worth living; not to add to their resale price. This attitude may be an eye-opener for building contractors who would like to know which way the wind blows.
Renovate homes at moderate prices
The homeowners are more amenable to the idea of adding another level or extending the house to make it more accommodating. New style kitchen, outdoor living area and other ideas may all be incorporated in home renovations at a lesser price than what buying a new house would necessitate.
One waits to see if this becomes a global phenomenon this year.