Homeowners planning for comfort ahead of value 12 May 2009 Homeowners now looking to improve their property’s comfort ahead of its value.
A new study of Britain’s homeowners by AA Personal Loans reveals a quarter of the nation’s homes are set to increase in size before the end of the recession. Changes in the way the homeowners are using their living spaces will see the standard floor plan of a house change dramatically with almost one in four (24%) of renovated homes growing by an extra room.
As house prices have on average dropped by almost 10%, it seems homeowners are putting their own needs above resale value and taking a longer term view of their property by treating their properties as homes rather than an investment.
Of those hoping to build an extension to add a new room to their property, one of the most popular choices of room was one for entertaining, with almost a quarter (23%) looking to build one and a sixth (15%) intending to use their new extension as an office. While the function of the rooms is clearly different, both hint at a more domestic than economic purpose: whether it is homeowners looking to do their entertaining at home, or preparing a room to allow working from home; both improvements can be seen as a result of the economic climate.
Comfort rather than value The AA Personal Loans study also reveals that almost five million people have decided against selling their home in the face of recession while over six million will definitely be renovating their property within the next 12 months.
When asked why they were making improvements, almost six in ten homeowners (57%) responded that their motivation was to create a nicer living environment. Conversely, just half that – three in ten (32%) – are renovating their home to add value to it.
Momentum is building for the Great British Refurb
24 April 2009
