78% say it's better to renovate than move

Nearly four-fifths - or 78 per cent - of people in the UK believe renovating or improving a property is a better bet than moving in the current market, according to a survey.

That figure shows a 3 per cent fall from six months ago, indicating a slight rise in people's willingness to move. The statistics come from the Safestore Moving and Improving Index, conducted by YouGov.

The index found 58 per cent described themselves as having mixed feelings about the stability of the housing market.

Also, 58 per cent had not changed how optimistic or pessimistic they feel about the market since six months ago. However, 14 per cent said they felt more optimistic about the market than they did in November.

The index found more home owners plan to move in the next six months. In November 2010 5 per cent said they intended to move in the next six months, but that percentage has risen to 6 per cent in May.

This is in marked contrast with the numbers who plan to conduct renovations or DIY to improve their properties, with 51 per cent of home owner respondents saying they plan to invest in improving their properties over the next six months.

Safestore chief executive Peter Gowers said: "Homeowners seem to be thinking strategically. Investing in their home now could reap rewards should they wish to sell in the future."