Strapped homeowners forced to improve

27 May 2014

Two million homeowners have carried out improvements to their property because they can't afford to move.

New research from Lloyds Bank found that more than 14 million people (44%) have undertaken major work on their home or plan to do so in the next year.

But in yet another indication of rising house prices, around two million said the primary reason for their home improvements was because they couldn't afford to move house and nearly one in five (18%) said they had bought a smaller property than they would have liked as a result of rising house prices.

However, the most common reason (40%) given for doing DIY was to improve the look of the property, while a third of homeowners doing work said their reason for doing so was to add value to their property.

A third (32%) of homeowners spent between £10,000 and £25,000 on improvements, while 13% spent between £25,000 and £50,000.

Less than a quarter (22%) said they were carrying out improvements out of necessity, for example in order to accommodate a growing family.

Maximise your property's value

Marc Page, Lloyds Bank mortgages director, at Lloyds Bank, said: "Rising house prices are clearly having an impact, with almost one in five buying smaller properties than they would have liked. However, this is giving more people an opportunity to undertake home improvements, whether they are trying to maximise the value of their property, or even make it more sellable in future."

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