Thursday, February 17, 2011
Category:
Home Improvements
According to Clydesdale & Yorkshire Banks, their new research has revealed that 30 percent of people in the UK are intending to move home this year. This is reportedly more than three times the level recorded at the height of the recession, and the ‘biggest single increase’ since October 2008 when only 9 percent of people were planning to move.
Retail Director for Clydesdale Bank, Steve Reid, commented: "It is greatly encouraging for the property market that more people are clearly keen to move but, of course, there is still natural caution in the market.
"It's understandable that many people will have put off moving in the last couple of years so the potential demand is there - but the conditions will have to be right for the individual housebuyer to see that demand translate into a move."
Findings have indicated that optimism is at its greatest amongst prospective property buyers in the South East, with 40 percent planning a move. In Scotland however, just 22 percent of respondents were found to be planning to move in the next year. Clydesdale & Yorkshire Banks’ research also revealed that there has been a reduction in home improvements as a result of people’s intentions to move. In October 2008, 54 percent of respondents planned to improve or extend their property, whereas this figure now reportedly stands at just 17 percent.
When it comes to the reasons behind moving home, over a third of respondents were found to be doing so as a result of a change in circumstances. In addition, 27 percent were reported to have said that ‘the allure of a dream home bargain would make them move in 2011’. Meanwhile, a further 14 percent are reportedly relocating and 10 percent are increasing their size of their family.
Steve Reid added: "Changing circumstance and the chance to land a dream house are clearly in the sights of a growing number of potential housebuyers but the price of a new property will have to be right.
"While this research must be balanced with the prevailing caution in the market, the findings are encouraging, particularly as we head towards Easter which traditionally sees an increase in house-buying activity."
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Homeowners who have recently moved into a new property, but do not have the funds required to put their personal stamp on it, could consider taking out a secured loan. One of many finance options available, a secured loan for
home improvements could allow borrowers to completely redecorate and refurbish their new house. Before embarking upon these projects, some borrowers may even wish to extend their property to create extra living space. Outside areas could also be landscaped if desired, in readiness for enjoying the forthcoming summer months.
