The majority of UK homeowners say they would rather renovate their current homes to suit their changing needs instead of having to move entirely, according to new research.
This was one of the key findings of B&Q’s The Way We Live Now Report, which surveyed over 3,000 members of the British public to find out about their living and home ownership habits.
Two thirds of UK homeowners (61%) reportedly plan to stay in their current home for five years or more, with B&Q saying that it believes people are now more focused on creating their dream homes instead of moving.
In terms of home ownership, 70% of those polled said that they’d lived in their current homes for five years or longer – with almost half (49%) confirming that they’d lived in their house for more than a decade.
When asked about what home renovation projects they had undertaken – or planned to undertake – to suit their changing needs, the most frequently mentioned was conducting major building works (such as an extension or side return), with a quarter or participants saying they’d modified their home in this way. 11% said they’d built an entire extra bathroom, and the same percentage said they’d converted their attic into an additional living space or bedroom.
Looking at why these home renovations had been completed almost half (46%) said that they were part of families with older children who had delayed downsizing to accommodate adult children still living at home.
“This year’s report reveals that more people are choosing to love and not list their home,” explained Graham Bell, the CEO of B&Q. “They’re opting to stay where they are and embrace the idea of transforming and creating a home for life.
“We’re seeing homeowners have more confidence to undertake radical transformations – bedrooms being moved downstairs, garden rooms becoming annexes with separate entrances, walls going up, and others coming down. As ways of living are reimagined, home footprints are re-laid, and life gets better – whether it’s accommodating a need driven by living alone, or with immediate or extended family.”
