Homeowners happy to stay put

More property owners are content to stay put in their existing home than they were before the recession started.

According to research conducted by insurance giant Aviva, prior to the economic downturn 80% of people classified themselves as home ‘hopper’, describing themselves as the type of people who frequently changed address.

Today, with economic uncertainty abounding and many people nervous about what might happen to the job market, only 26% of people say they would be happy to move home regularly.

The Aviva survey revealed that 68% of respondents regard their house as an emotional investment rather than purely a financial one, and 85% view it as a place to relax.

In addition, 71% would choose to buy back their current home if they lost it, with 16% claiming they would be willing to pay more than the market valued for it.

The Hoppers V Stoppers survey, carried out with environmental psychologist Dr Paul Keedwell, calculated that homeowners have an average of £26,880 "emotional added value" in their home generated by happy memories and home improvements.

Keedwell said many people now have an emotional attachment to their home "probably because of, rather than in spite of, the economic downturn."