19% of UK homeowners would choose to extend their home rather than move, even if money were no object, according to new research from Nationwide Building Society.
Of those homeowners able to extend their home, 57% would choose to do so because they like the house (34%) or area they live in (22%). Meanwhile 24% would extend their current property because they feel it’s cheaper than moving house (13%) or they wouldn’t be able to afford to move to a new home (11%).
The survey revealed that 16% of UK adult homeowners would most like to build a conservatory, 13% would convert loft space and 12% would build an extension on the ground floor. People were least likely to build a garage (2%), add an extra bathroom (3%), or make an open plan living space (4%).
There is a divide between the preferred home improvements and the age of respondents. Homeowners 45 and over (18%) are more likely to build a conservatory than 25 to 44 year olds (11%), who themselves would prefer to convert the loft space (16%), compared to only 11% of over 45s.
The Nationwide survey also reveals that the majority of homeowners are willing to save before doing work on their home, with over half (55%) stating they would use their savings for home improvements. Women (37%) are more likely to take a personal loan, credit card, further advance or remortgage to fund home improvements compared to men (28%), while men (61%) are more likely to use savings than women (50%).
Richard Napier, Nationwide’s director for savings and mortgages, said: “It’s interesting that even if money were no object, some people would choose to improve their property rather than move home. Our research shows that people are remaining in their property not just because they love the area and home they live in, but because they believe home improvements are a cheaper option than moving house.
“With 46% planning to do more costly home improvements in the next 12 months, such as a loft conversion, conservatory or extension, it’s encouraging that the majority would use savings rather than credit to fund the work.”
