With house prices continuing to fall, new research by Clydesdale Bank has found that more than half of Scots are making a New Year’s resolution to improve their current home rather than move in 2009.
According to Clydesdale Bank’s quarterly Homebuyers Report, 51% of Scottish homeowners are planning to pick up the paint brush and crack open the tool box early in the new year.
A further 48% of those surveyed will be holding an early spring clean to get rid of unnecessary furniture and items from their home. Over a third (35%) plan to get their hands dirty by improving their gardens over the next year.
But in stark contrast, just 8% of Scottish homeowners surveyed said they planned to put their home on the market in the new year.
Steve Reid, Clydesdale Bank’s Retail Director, said: “It seems that many Scots are looking to add value to their current homes in the hope that when the market does pick up, they will be able to capitalise on their investments.”
The Bank’s research showed that homes in Dundee and Angus are the most likely to undergo a makeover in 2009, with 55% of homeowners there looking to make changes.
Those in the Highlands are the least likely to make any alterations with only 30% planning any home improvements – some 21% below the Scottish average.
Which regions are planning home improvements?
Steve Reid continued: “Renovating your home can be expensive and it is important to budget for any improvements. It is sensible to make sure that any changes are not made on impulse and that they will add value in the long term.”