Most home owners want to improve rather than move

Insurance experts have encouraged DIY-minded property owners to take out comprehensive home insurance covering the cost of putting right botched home improvements, as new research indicates that most home owners are planning to improve their property rather than move.

According to the Shropshire Star, a newly released YouGov survey has revealed that 78 per cent of British home owners would rather improve their property than move.

Experts analysing the survey responses claim that home owners seem more reluctant to sell their property in today's difficult economic climate.

58 per cent of home owners polled admitted that they had mixed feeling about the stability of the housing market and, as a result, would be more inclined to renovate their property than put it on the market.

Additionally, 51 per cent of home owners surveyed had plans to improve their property over the next six months, while only 6 per cent of home owners planned to move.

Peter Gowers, a research commissioner, explained that property owners seem to be acting strategically by waiting for the housing market, and property prices, to improve before selling their homes.

"This research highlights that people still feel reticent about selling and prefer to improve their current property. Home owners seem to be thinking strategically - investing in their home now could reap rewards should they wish to sell in future."

A survey by the Clydesdale and Yorkshire Bank last year disclosed that the cost of correcting home improvement mishaps in the UK could be as high as £235 million.

Mon, 13 Jun 2011 06:24:00 GMT