overseas property news

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Brits afflicted by 'home snobbery'

30/07/2007

Forget about homes being havens and retreats away from the hustle and bustle of working life, two in three Brits in their 30s and 40s are now suffering from status anxiety about their homes, according to research from Standard Life Bank...

Living in a house which looks good and is located in the best area are the main pressures in life for a third of these homeowners, and one in 10 say they will move house this year in a bid to quell their status anxiety.

However, many savvy homeowners are striking a balance in addressing this status anxiety, with more than half upgrading their current homes rather than moving⁴.

The majority, 89 per cent, have renovated their houses in the last five years with 64 per cent saying the work was minor and 30 per cent carried out substantial renovations. In addition, a third had invested even more in their homes, adding an average of more than 150 square feet to their property.

The perfect balance

According to consumer psychologist and face of BBC's Spendaholics, Benjamin Fry, upgrading could be the perfect balance for stressed out homeowners.

Fry said: "Many people in their 30s and 40s are living very full, busy lives which mean that wholesale changes are very difficult to manage comfortably. There becomes a trade off between their aspirations and the time, money and stress that it would take to achieve them.

Upgrading what they have can therefore become the perfect solution to finding some balance between personal ambitions and quality of life; if the goal is a happier life, it is important to be smart about the overall picture while striving to achieve that"

Of those who were planning to upgrade rather than moving, the main motivations were time and money. A third (34 per cent) said it is too much hassle to move, and 26 per cent said they couldn't afford to move.

And the homeowners are taking their upgrading skills to other areas of their lives:

What have you upgraded in the last 12 months/do you plan to upgrade in the next year?	Percentage of respondents
Home	72 per cent
Becoming greener	52 per cent
Organise a fantastic holiday	40 per cent
Improve help at home	39 per cent
Invest in new technology for home/car	39 per cent

Ashley Ramsay, trends expert at Standard Life Bank which commissioned the research, said: "We are seeing more and more homeowners using the equity in their home to help them upgrade their lives.

“Whether renovating their home, taking time off to retrain or investing in their personal appearance, having access to flexible finances can make all the difference. Homeowners tell us they want to upgrade their lives with as little hassle as possible, and we are working with them to ensure they can do just that."

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