Renovation over relocation
Millions of UK homeowners are choosing to renovate their existing home instead of moving.
In England and Wales, about 1.7 million homes (one in 15 properties) have undergone significant renovation work. These homes are marked with ‘official improvement indicators’, showing that they have had major structural changes, such as an extension or loft conversion. Legally, Council Tax cannot be increased on homes with improvement indicators until the property is sold or there is a general revaluation of all domestic properties.
The growing preference for renovation over relocation is likely due to the rising costs associated with moving home, including Stamp Duty charges, mortgage rates and property prices.
Your home may be repossessed if you do not keep up repayments on your mortgage