Homeowners 'keen to improve property'

Posted: 06 Jul 2011 16:46:27 GMT

Many people are keen to do up their own property rather than search for another, it has been found.

A high number of people in the UK appear willing to fix up their current place of residence rather than move to a new home, new figures have suggested.

According to statistics from the Royal Institution of Chartered Surveyors (Rics), a trend is forming among homeowners who are realising they may need to stay where they are because of the current market.

The findings showed just less than half - 48 per cent - of chartered surveyor estate agents stated the subdued sales sector is encouraging householders to do up their current abode rather than seek a move to another.

Moreover, this tendency appeared more common in particular areas than it did in others - with 75 per cent of those in Northern Ireland improving as opposed to moving, closely followed by the West Midlands, which recorded 71 per cent.

Professional groups director at Rics David Dalby warned, however, that individuals need to take a number of factors into account when deciding whether to stay or go.

The industry figure stated: "Most properties provide some potential for expansion and improvement, but we would advise people to think about how much they are investing and their key motivator before undertaking major projects."

Rics - which was founded in London in 1868 and granted a Royal Charter by Queen Victoria in 1881 - explained that individuals should not be tempted to overvalue an improvement, nor expect instant high returns, especially given the current market conditions.

Those trying to sell the property should realise a lot of regions have ceiling prices - so people living in a poor location may not want to improve the living quarters too much.

Mr Dalby added: "It is important to think about the style and age of the property before undertaking any works - remember, what appeals to some people may not appeal to others."
 

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