54% of UK homeowners are planning to make improvements of some sort on their properties during 2015, according to a survey carried out for Ocean Finance.
12% of these have ambitions to create more useable space in their properties. Of these, 7.2% are planning an extension of some sort, and 4.8% are considering converting either their loft, garage or cellar.
While decorating is the most popular home improvement being planned by homeowners this year – with a quarter saying they hope to paint and decorate – extending their property is also a popular option, to get more space while avoiding having to move.
Of those property owners who are planning to create more living space by way of either an extension or conversion, 39% said this is so they can accommodate their growing family. Meanwhile, 14% said it is because they have grown-up children who are returning to the family nest, or older relatives who are moving in with them.
Other motivations given for wishing to extend include needing more space for storage (18%); preferring large open spaces from a stylistic perspective (10%); the view that it is cheaper than moving (8.8%); and a desire to add value to the property (8.8%).
“Despite the recent Stamp Duty changes, moving house is expensive – with legal and estate agency fees and moving costs to meet,” said Ian Williams, spokesman for Ocean Finance.
“So it’s no surprise that so many homeowners are looking to improve and in some cases extend their existing property.
“Creating more space is clearly a popular option, with 12% of home improvers saying this is their plan. It’s interesting to see that a leading motivation for this is family; whether that’s more children coming along or grown-up kids coming back. It goes to show that many families are willing to put in the work and the investment if it ensures their home grows with them.”