Posted on Aug 10, 2020

The Mortgage Bureau

80% of homeowners who have thought about moving home since lockdown began, say they are now even more likely to do so as a result of the recent stamp duty freeze.

In London, 30% are considering moving away, while research from comparethemarket.com also found that 57% of those considering moving home are now looking at higher value properties than before the stamp duty freeze was announced.

Many homeowners are also still carrying on with home improvements to increase the value of their current property, with 32% currently planning to undertake some form of renovation.

Looking back over the last 12 months, 62% of homeowners have already made home improvements, spending an average of £3,000 on the work. Of these, 58% did so in favour of moving up the housing ladder.
27% cited cheaper costs as a reason for undertaking home

improvements than moving, while 20% wanted to increase the value of their current home for a later sale. However, 14% of those who made improvements during the last 12 months went over budget.

Lockdown has been a main driver to encourage homeowners to either move house or make improvements, with 39% saying that they had been planning to make changes for a while and lockdown inspired them to do so.

If you need advice on moving home or remortgaging your property for home improvements, give The Mortgage Bureau a call on 01223 656412.
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