Clydesdale finds more homeowners plan to improve than move in 2016

The findings highlight the stability of the property market as the same level of homeowners planned to move in 2015 whilst 21 per cent had aimed to carry out home improvements.

Londoners remain the most focused on selling their home with 10 per cent planning to relocate, 9 per cent hoping to downsize and 7 per cent aiming to take the next step up the property ladder. In contrast only 5 per cent of homeowners in Yorkshire are hoping to pick up the keys to a new property in 2016.

Regional Breakdown of those planning to move in 2016:

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Region

Total % planning to move

% planning to relocate

% planning to downsize

% planning to move up property ladder

London

26%

10%

9%

7%

Scotland

21%

10%

4%

7%

Midlands

15%

6%

5%

4%

UK average

14%

5%

5%

4%

North West

14%

5%

6%

3%

South East

12%

3%

5%

4%

South West

12%

3%

7%

2%

Wales

11%

3%

6%

2%

East

11%

4%

3%

4%

North East

8%

0%

4%

4%

Yorkshire

6%

2%

4%

0%

 

The research also found that home improvements are high on the agenda for one in five homeowners who would prefer to invest in their current home than to sell and move to a new property.

Although those in Yorkshire are the least likely to move they will be carrying out the highest level of home improvements with one in four focused on upgrading their property. In contrast only 15 per cent of those surveyed in the East of England are planning to make changes to their house in 2016.

Regional Breakdown of those planning to improve in 2016

Region

Total % planning to improve

Yorkshire

25%

Wales

24%

North East

22%

South East

22%

South West

22%

Scotland

21%

UK average

20%

London

18%

North West

17%

Midlands

16%

East

15%

 

The Banks also revealed that the average loan size for home improvements in 2015 was £7,979 with customers opting for a wide range of refurbishments from new kitchens and bathrooms through to changing the layout of their home to suit their needs.

Steve Fletcher, head of customer banking networks at Clydesdale and Yorkshire Banks, said: “This time of year is traditionally synonymous with spring cleaning and DIY and many homeowners also find it is a popular time of year to make decisions about whether to move or improve.

“At Clydesdale and Yorkshire Banks we understand the challenges that homeowners face and can provide help and support whether it is a personal loan to help make planned home improvements or a mortgage to buy a larger home. We now offer 95 per cent LTV mortgages to existing homeowners looking to take the next step up the property ladder and make that dream home a reality.”