House buying confidence low, survey shows

A new survey has revealed that confidence in buying homes in the UK low at present.

CreditExpert revealed in its latest Personal Credit Index that 91 per cent of homeowners do not intend to move and 48 per cent of those who do not own homes expect never to do so.

These findings reflect a fall in affordability of homes, with 46 per cent of those having to rent believing they will never be able to afford their own home, a number which rose to 60 per cent of those aged between 35 and 44.

While many of those unable to get on the ladder could consider the self build alternative, those not moving home revealed that they increasingly desired to carry out home improvements to make their existing homes batter rather than move to a new home.

This was particularly true of homeowners in the 25 to 34-year-old range, of whom 31 per cent planned major improvements, such as new kitchens, loft conversions or extensions.

Figures from Saga Home Insurance have revealed that the average homeowner in the UK spends over £2,000 on home improvements per year, Your Mortgage reported earlier this month.


© Adfero Ltd