New research reveals that UK homeowners are choosing to renovate their homes rather than relocate, driven by high moving costs and emotional attachments. A poll of 2,000 property owners found that only 22% would prefer to move instead of adapting their current home.
Renovation Trends
As many as 75% of homeowners have considered renovating to make better use of space, and 58% believe upgrading is more cost-effective than moving. The average 'space stretcher' has spent £11,844 on renovations but estimates savings of £22,106 compared with buying a new property.
Popular Upgrades
- 21% invested in loft conversions for additional living space
- 11% created specific areas for hobbies
- More than a third designed multi-purpose rooms, such as a guest room office
Interior designer Laurence Llewelyn-Bowen commented: 'Having split my own home into three separate living spaces, I've learned about squeezing every inch out of your space. People often see it as unconventional, but it's how most families functioned before the 20th century.'
Energy Efficiency Focus
40% of 'space stretchers' included energy-saving measures in their renovations. The most common swap was installing a smart meter (77%), followed by loft insulation (68%), LED lighting (67%), and solar panels (28%). Nearly six in ten (59%) said smart meters help them understand and manage energy use in their adapted spaces.
Victoria Bacon from Smart Energy GB added: 'Adapting your current home can be a helpful alternative to avoid higher moving costs, while adding long-term value. Smart meters are available at no extra cost from energy suppliers and give households a simple way to track energy usage as their home evolves.'
