Homeowners Plan To Improve Not Move
Homeowners are increasingly looking to make big changes to their property rather than put their house on the market.
This is according to the latest research by Lloyds Bank, which found that of those property owners who are not looking to move in the next five years, 59 per cent want to make improvements to their home.
Andrew Mason, mortgage products director at the financial services provider, said: “We have seen more homeowners staying put and looking to add value to their homes instead.”
He noted that the rising cost of moving home and a shortage of fresh housing stock has put some people off moving up the property ladder.
The research found that only ten per cent plan to move home within the next 12 months, with two-thirds stating that relocating has become more difficult in the last decade.
As 25 per cent of homeowners want to move to get a bigger home, many might be tempted to consider a basement conversion in West London instead. This would provide them with more space, but allow them to remain in a good area and be near top schools without having to relocate.
Additionally, they could increase the value of their houses by making improvements. The Times recently reported that adding an extension to a home in Chelsea could see the asking price rise by £212,706.
While a conversion might set homeowners back around £45,000 in this area, this still leaves them with a considerable profit of more than £167,000.
Steel reinforcement mesh suppliers may well find that their businesses are affected by the refusal of some larger construction companies to sign the Charter for Sustainable British Steel, which is backed by both Tory and Labour MPs.
The Charter calls on companies to use British-made steel whenever they can, but six firms – Wates, Willmott Dixon, BAM Construction, Kier, Mace and Interserve – have yet to sign up, according to the Daily Mirror, which is also supporting the scheme.
A Save Our Steel campaign is also running at the moment, calling for cuts in energy bills and business rates for steel plants, as well as encouraging UK companies to buy British and blocking cheap exports from China.
When asked about the Charter, parent company of BAM Construction BAM Nuttall said the firm was “committed to a local supply chain wherever possible”, although it did add: “The way [the Charter] is currently worded, we wouldn’t be able to stick to it.”
And a spokesman from Mace said: “Mace promotes the use of high quality British steel and local procurement whenever possible. We always aim to use UK steel in the first instance, supply permitting.”
Earlier this month (January 18th), Tata Steel confirmed that it would be making huge job cuts across its numerous sites in the UK after European steel prices dropped because of cheap imports from countries like China.
It was revealed that 1,050 jobs would go at Port Talbot, Hartlepool, Corby and Trostre. The business will now be looking at how more support to local communities can be offered, while also stimulating job creation in the regions affected.