Homeowners Improve, Not Move: Here's Why
- Sarah Ruivivar
- Jun 2
- 2 min read
The great British dilemma: should you stay or should you go?
While interest rates and mortgage prices are doing a delightful downward dance, many UK homeowners are choosing to stick with their current abodes and give them a little facelift instead. According to Santander's research, a whopping 57% of homeowners who flirted with the idea of moving in the past year have hit the pause button, with 31% opting for a renovation romance instead.
Why, you ask? It turns out the cost of moving is a real party pooper. With solicitor’s fees, estate agent costs, and the dreaded Stamp Duty increase, it's no wonder homeowners are clutching their wallets tightly. In fact, 30% cited moving expenses as a deterrent, while 27% believe that sprucing up their current digs is more budget-friendly. And let's not forget the Stamp Duty blues—16% are feeling the pinch, but a cheeky reduction from 5% to 3% might just tempt 20% to reconsider.
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Beyond the pounds and pence, there's the stress factor. Over half of homeowners (54%) reckon that renovating is a far less nerve-wracking affair than the upheaval of moving. Plus, with a limited selection of dream homes on the market, 22% just can't find what they're looking for.
David Morris from Santander UK captures the sentiment well, noting that despite a healthier property market, the rising costs and stamp duty hikes are nudging homeowners to rethink moving. Instead, they're investing in their current homes, making them perfect without the hassle of moving. So, for now, it seems the paintbrush is mightier than the moving van!
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Access from your preferred podcast provider by clicking here
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