Non-movers 'to shake up housing market'

An increasing number of homeowners are showing a preference for renovating their existing property rather than going through the stress and expense of moving house, according to a new survey.

Research by Standard Life Bank found that three-quarters of 30- and 40-something homeowners are discouraged from moving by the cost and hassle involved.

Another three out of five people said they were happy in their current location and did not want to move away, while a third were confident that they could add value to their property with refurbishments and renovations.

According to Standard Life Bank, the number of homes being extended to house families will "transform" the housing market.

Ashley Ramsay, trends expert at the bank, said: "With just one in ten homeowners in their 30s and 40s saying they plan to move house soon, the property ladder as we know it is set for a shake up. Savvy homeowners appreciate that their property is a valuable asset and investing time, effort and money could be worthwhile."

She added: "Finding funds for renovation can be an issue. It is important to look at all the options available, however drawing down at low mortgage rates could be a cost effective option worth considering."

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