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Staying put to move up the property ladder

Homeowners in their thirties and forties are increasingly choosing to stay put and renovate, rather than moving house, according to a new survey by Standard Life.Only one-in-ten thirty to forty-year-olds said that they were thinking about moving, and some three-quarters of those questioned said the cost and hassle put them off.A third said that they believed they could add to the value of their property by doing it up. The so-called 'renovation generation' are opting to renovate and upgrade and are transforming the housing market as a result, by creating bigger properties, with new features.Ashley Ramsay, trends expert at Standard Life Bank, said: "With just one in ten homeowners in their thirties and forties saying they plan to move house soon, the property ladder as we know it is set for a shake up. "Savvy homeowners appreciate that their property is a valuable asset and investing time, effort and money could be worthwhile. "Having chosen where they want to live and settled into neighbourhoods, they are loathe to start over again."Ms Ramsay added that the bank was seeing increasing numbers of homeowners borrowing to finance home improvements: "With growing demands on lifestyles and personal finance, finding funds for renovation can be an issue. "It is important to look at all the options available, however drawing down at low mortgage rates could be a cost effective option worth considering."

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