Home workers want to improve their house rather than move

Monday, 22nd June 2020, 3:52 pm
Updated Monday, 22nd June 2020, 3:53 pm

Lockdown has changed the way people feel about their homes with not everyone wanting to escape to the country.

One in four homeworkers admit they now prefer their local area, despite many amenities being closed or limited during the lockdown.

With 1.8 million households on a mortgage holiday, the movement towards larger, more spacious homes is impossible for many homeowners.

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Staying put

A survey among 2,000 homeowners in the UK  has shown that the vast majority (82%)  are not considering moving to a larger house after the coronavirus lockdown.

Instead, 68% of homeowners are more interested in improving their situation at home.

Almost one in seven homeowners are considering remortgaging to pay for home improvements.

Younger people are more keen to remortgage to improve their home, with 29% of 18 to 34 year olds saying they would consider it. The number drops to 19% for 35 to 54 year olds and just 3% for people aged 55 or more.

Improvements wishlist

The top six home improvements on the wishlist are:

A kitchen refit (26%)

A bathroom refit (23%)

Having their garden landscaped (22%)

Building an extension (16%)

Having a large garden (9%).

Creating a home office (8%).

Miles Robinson, head of mortgages at onlinke broker Trussle,  said: “As the UK begins to emerge from the coronavirus lockdown into a new normality, the mortgage market is re-opening.

"Trussle saw a 110% leap in enquiries for remortgages from April 2019 to April 2020 as home owners look to save more money during these uncertain times.”

A remortgage calculator has been launched to help those householders who are feeling the pinch. Go to: https://trussle.com/mortgages/remortgage-calculator website.