According to a survey of workers, 82% have no plans to upsize post lockdown while 68% said they were planning on making improvements to their current home.
Mortgage broker, Trussle, which carried out the study said nearly one in seven were now considering remortgaging to obtain the cash to give their current home a make-over.
Many were also considering a remortgage so they could use the additional money to hire a tutor to help with the challenges faced home educating their children whilst working.
Rural renaissance
The survey comes as estate agents have begun to report a rise in inquiries from potential buyers keen to relocate to more rural areas following the lockdown.
Indeed, research by Trussle back in May found evidence of a ‘rural renaissance’ in which would-be buyers were eager to make a move to the countryside, sea or woodland areas following the lockdown.
But in this latest survey it would seem one in four home workers preferred their local community since they had begun working from home.
Strict lending rules
What’s more, Trussle reported, many were also finding the difficulty obtaining a mortgage was providing a barrier to moving up the property ladder.
Indeed, with 1.8 million households on a mortgage holiday, Trussle said the ‘widely reported’ movement towards larger, more spacious homes was simply impossible for many homeowners.
Lenders have put more stringent checks in place and are more reluctant to use variable income, such as bonuses and overtime to support affordability checks.
Trussle said estate agents were also, in this current environment, demanding financial arrangements were guaranteed before accepting offers.
Miles Robinson, head of mortgages at Trussle, reported a 110% leap in enquiries for remortgages between April 2019 and April 2020 as homeowners looked for ways to save money in ‘uncertain times’.
He added: “As the UK begins to emerge from the Coronavirus lockdown into a new normality, the mortgage market is re-opening.
“Meanwhile, our research shows that a number of homeowners are reconsidering what they think is important in a home and considering how they can improve their current living situation to suit their needs.”
Renovation wish list
According to Trussle, those living in London and the younger 18 to 34 age group were more likely to have plans to upgrade their home, with 37% and 29% respectively interested in remortgaging their home for improvement purposes.
The top six home improvements were:
- A kitchen refit (26%)
- A bathroom refit (23%)
- Having their garden landscaped (22%)
- Building an extension (16%)
- Having a large garden (9%)
- Creating a home office (8%)
