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Quarter of people plan property improvements

Adam Williams
Written By:
Posted:
25/02/2015
Updated:
25/02/2015

Almost a quarter of Brits plan to upgrade their current property in the next year, research has shown.

A study for Clydesdale and Yorkshire Banks found 24% of people wanted to extend their current home or carry out major improvements in the next 12 months.

The mortgage market looks set for a busy year with 11% planning to pay off their mortgage, make overpayments or remortgage this year.

Confidence in the sales market has increased with 14% planning to sell their home during 2015. Just 41% of those surveyed said they would definitely remain in their home, down from 62% of people in 2013.

Londoners are the most likely group to move on with 22% planning to sell their home, this compares to just 8% in the Yorkshire region.

In the capital 8% plan to move up the ladder with 6% looking for a smaller property. An additional 8% want to leave the city altogether and relocate elsewhere.

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Homeowners in the North West were most likely to remain in situ with 47% expecting to stay in their current property.

Steve Fletcher, head of Clydesdale and Yorkshire Banks retail network, said: “We have seen optimism returning to the property market over the last few years and this seems to be growing with more people planning house changes whether it is to move, make home improvements, pay off their mortgage or even help a family member to get onto the property ladder.”