Home owners 'consider extensions'

16 September 2008 06:18pm

Four out of 10 home owners would consider extending their existing property rather than moving in the current market, a survey has shown.

Around 42% of people said they would look at improving their current home to avoid having to move, according to Halifax Home Insurance.

Among these, 43% said they would consider extending because it was cheaper than moving, while 35% admitted they could not afford to meet the costs associated with buying a new home.

But 38% said they would extend their home because they loved it so much they did not want to move, while 28% said they would do so in the hope of increasing its value.

The research comes following a recent announcement by the Government that it is relaxing the need to obtain planning permission for certain home extensions.

David Rochester, of Halifax Home Insurance, said: "It's no surprise to see this trend of Space Invaders across the country, as extending up, down or sideways can add great value to a property.

"The current economic uncertainty is also a factor, with a large number of families deciding to stay put this year, and instead invest money in extending into previously unused parts of the home."

:: OnePoll.com questioned 2,000 people between August 15 and August 18 for Halifax Home Insurance.

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