The cost of moving house has become so high that a lot of people in the UK are now opting to improve their current properties instead of looking for new ones.
This is according to new research from Lloyds Bank, revealing that this is true for 43 per cent of would-be house hunters. Some 22 per cent in fact admit that the cost of moving is the biggest blocker when it comes to buying their next home.
High stamp duty was also cited as an issue, while others say that they’re struggling to find the right kind of homes. And 25 per cent said that dealing with estate agents was an issue, while 27 per cent didn’t want to be uprooted from their local community and ten per cent laid the blame on the uncertain economic outlook.
Mortgage products director with the bank Andrew Mason said: “Whilst this isn’t great news for the housing market where sales have remained flat or fallen over the past few months, encouragingly some homeowners are still motivated and want to move. We may start to see more movement early next year with the stamp duty move helping to increase demand.”
Until such time, it’s certainly worth looking at what home improvements you could carry out that could add value to your home so you know you’ll get the price you want when you do come to sell.
New kitchens are always a good selling point and will encourage buyers to consider your property seriously, so perhaps look at having bespoke solid surfaces installed in this part of the house to really wow people when they come for a viewing.