The sluggish property market is prompting more householders to change their mind-set about moving up the property ladder, instead opting to make what they have fit their lifestyle.
External house painting, a new kitchen, the perfect set of French doors - all of these things could be part of the plans of growing numbers of Brits who are renovating rather than selling up, with this trend proving especially popular among millennials.
Data from Hiscox published in The Independent shows that while just three per cent of householders were choosing to renovate rather than move in 2013, this figure now stands at 15 per cent - and one-in four under-35s with a mortgage feel this way.
But Hiscox has warned householders to take a good look at how they can afford a big home renovation task, as these projects are frequently underestimated both in terms of time and money.
"Many view home renovations as an easier or more economical alternative to moving, but our report highlights that these projects are often underestimated in both cost and scale," Phil Thorn, home insurance spokesperson at Hiscox, was quoted by The Independent as saying.
But there are plenty reasons why renovating makes perfect sense given the sluggishness of the present-day property market, backed up by the fact interest rates look set to rise.
Moreover, the Royal Institution of Chartered Surveyors reports that the number of properties being managed by estate agents is currently at a record low - and with a lack of choice, it's no wonder property owners are choosing to stick rather than twist.
External house painting, a new kitchen, the perfect set of French doors - all of these things could be part of the plans of growing numbers of Brits who are renovating rather than selling up, with this trend proving especially popular among millennials.
Data from Hiscox published in The Independent shows that while just three per cent of householders were choosing to renovate rather than move in 2013, this figure now stands at 15 per cent - and one-in four under-35s with a mortgage feel this way.
But Hiscox has warned householders to take a good look at how they can afford a big home renovation task, as these projects are frequently underestimated both in terms of time and money.
"Many view home renovations as an easier or more economical alternative to moving, but our report highlights that these projects are often underestimated in both cost and scale," Phil Thorn, home insurance spokesperson at Hiscox, was quoted by The Independent as saying.
But there are plenty reasons why renovating makes perfect sense given the sluggishness of the present-day property market, backed up by the fact interest rates look set to rise.
Moreover, the Royal Institution of Chartered Surveyors reports that the number of properties being managed by estate agents is currently at a record low - and with a lack of choice, it's no wonder property owners are choosing to stick rather than twist.
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