UK becoming a nation of ‘improvers rather than movers’

British homeowners pumped more than a quarter of a trillion pounds into their properties over the last decade - sparking claims the country is becoming a nation of "improvers rather than movers". Since 2010, a net £271bn was injected into housing in the UK, according to analysis by retirement mortgage firm Responsible Life. This includes spending on deposits and mortgages, as well as improvements such as building extensions. By contrast, in the previous ten years, owners withdrew £275bn of equity from their homes as sellers cashed in on rising prices - making the most recent decade almost a complete reversal from the previous one. In fact, every decade between 1970 and 2010, the figure was positive as Britons pulled out cash from their properties, usually by increasing the size of their mortgage. However, the trend reversed after the financial crisis. Volumes of housing transactions collapsed during the recession that followed, with many homeowners choosing to reduce debts and improve their existing properties.

The Times (30/12/19)    The Daily Telegraph (30/12/19)