House owners 'looking to home improvements as alternative to moving'

Updated

Home owners are turning their hands to renovations and improvements rather than trying to move because of a shortage of properties in the housing market, research suggests.

Some 60% of owners say they are concentrating on transforming their current property into a ideal home because poor supply of housing stock is putting them off trying to move.

A survey of more than 2,000 people by online savings provider GE Capital suggested home owners estimated it would cost them £72,000 to create the home of their dreams.

Garden makeovers were found to be the canniest investment for those wanting to make money, with estate agents suggesting a revamp of outdoor spaces could bring potential returns of 250% on the cost of the work.

Other money-making improvements were new central heating systems, a new bathroom and a kitchen redesign, along with creating open-plan living and under-stair storage.

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