3.25 million homeowners look to move over next 12 months

More than three million homeowners (3.25 million) are looking to move house over the next 12 months, despite changes in the housing market, according to new Moving Improving research from Alliance & Leicester.

More than one in three homeowners (38%) who have sold a property in the past have, at some point, made improvements specifically to increase the sale appeal of their property, with an average spend of £3,000. This trend of improving in order to sell continues, with one in five (19%) homeowners stating that they will be making improvements to their home in the next 12 months in order to add value or increase saleability. However, the majority of homeowners (50%) are still improving their home to make it a nicer place to live and to avoid the expense and upheaval of moving elsewhere.

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, says: "Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property. However, it is clear that DIY and home improvements remain important to all homeowners, both to those looking to add value to their house in order to sell, and to those who are looking to stay put and benefit from these improvements personally."

The most popular way for homeowners to add value to their homes is to re?decorate (69%), closely followed by improving the outdoor space (59%) and carrying out routine maintenance (44%). Homeowners are less willing to make more substantial improvements, with only one in six (16%) planning to add an extension and only one in ten (11%) planning to make their home more eco?friendly.

However, re-decoration and outdoor space are not top of potential buyers' priorities when looking for a new property. Whilst the most important factor for many (77%) is the number of bedrooms in the property, this is followed by a well maintained property (55%). This highlights the value of investing in maintaining your home well, whether you are planning to sell now or in the future.

A large kitchen (48%) also features high on buyers' wish lists. Almost half of potential buyers (43%) prefer off-street parking, while only a third (32%) value having a garage. Houses that are located near noisy transportation links are not desirable for potential buyers, with 74% citing busy roads, 67% citing nearby railway tracks and 63% citing nearby air traffic among their top turn offs.

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, says: "Recent pressures felt by homeowners looking to sell means it is essential they are in-tune with what potential buyers are looking for. What sellers perceive as necessary improvements can often be irrelevant to those looking to buy. However there are many worthwhile and value-adding improvements which will make properties more attractive to the buyer and generate the market value of the property. It is important that both buyers and sellers make sensible decisions within the current climate and remain within their personal affordability levels."