Do-it-yourselfers staying put

More than half of homeowners 'improving rather than moving as costs bite'

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More than half of homeowners are choosing to improve their property rather than move, a survey suggests, as mortgage rates and wider living costs bite.

Some 52% of 1,000 homeowners surveyed across the UK said they had either renovated over the past year or plan to do so in the next 12 months, according to research for the Compare the Market home insurance team.

The cost of moving, cost of living pressures, and emotional attachment to their current home were the top reasons for staying put, researchers found.

For younger homeowners aged 25 to 34, high mortgage rates were the biggest factor for staying put, with nearly three in 10 (29%) people in this age group citing this.

Homeowners living in Manchester, London and Edinburgh are the most likely to have picked a revamp over relocation - with those in Sheffield, Belfast and Liverpool being particularly inclined to move-the survey found.