Homeowners Consider Renovating After House Prices Break Record
More homeowners are considering updating their current residence after recent figures show house prices have broken yet another record.
The most recent House Price Index from Halifax has revealed property values have risen for the eleventh consecutive month, rising by one per cent in May.
This has taken the average house price to a record high of £289,099, having increased by 10.5 per cent since May 2021.
“Despite the very real cost of living pressures some people are experiencing, the imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices,” Russell Galley, managing director of Halifax, stated.
Therefore, it is not a surprise to find out that 54 per cent of homeowners are considering renovating their property, according to Nationwide Building Society.
Robert Gardner, chief economist at the financial services provider, stated: “Our recent housing market survey revealed that, as well as more people looking to move, over half of those surveyed are considering enhancing their home.”
The main reason for people thinking about updating their home is to add or maximise space (37 per cent).
This could be a result of those looking to relocate to a detached home expected to spend £50,000 more than just 12 months ago.
Indeed, Russell Galley, managing director of Halifax, commented on the fact that flats have only increased by £10,000 in value over the last year, making it harder for people to move on from their first home.
He stated: “The rungs on the housing ladder have become increasingly wider.”
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