The research shows that two in five (38%) say “rising house prices” is one of the key reasons for not moving, while a quarter (26%) highlighted “Brexit” as an important unknown in the current climate.
On average, Brits are preparing to hunker down, saying they that believe they will stay in their current property for the next eight years.
When it comes to home improvements, the most popular room to renovate is the kitchen, followed by the bathroom. However, based on the ‘typical average value added’ (figures from Move With Us), home-owners would be wiser to focus on bedrooms to get the biggest bang for their buck.
In fact, homeowners tend to dramatically underestimate the value which a room renovation could add to their home – on average homeowners underestimate the value of a new bedroom by over £12,000.
The research also issues a health warning to wannabee “Doer Uppers”, with 12% admitting to having accidently hurt themselves in the past. DIY can also lead to high tensions, with one in five (19%) admitting they expect to argue with their partner over the next home improvement job. Homeowners also have a tendency to bite off more than they can chew, with over 1.6 million households (6%) having botched jobs which then required a professional to fix the situation, and 8% breaking existing furniture.
More than a third (35%) of those questioned were also unsure of whether their home insurance would cover them in the event of any home renovation mishaps, potentially putting them in danger of costly mistakes.
Chris King, Head of Home at comparethemarket.com said: “Renovating your home can be extremely exciting and rewarding, but is often a naturally stressful experience. There are plenty of things that can go wrong in both minor or major home improvements, so make sure you have contacted your home insurance provider to find out what’s covered and whether you need to take any extra precautions ahead of the work”
Most popular rooms to renovate:
1. Kitchen (24.2%)
2. Bathroom (20.6%)
3. Lounge (17.4%)
4. Master Bedroom (14.8%)
5. Other Bedroom (12.3%)
6. Garden (12.1%)
7. Hallway (10.8%)
8. Dining Room (5.4%)
9. Stairs (4.3%)
10. Garage (3.7%)
