Homeowners are increasingly opting to renovate their existing property rather than put up with the cost and hassle of moving home, a new report states.

A study from Standard Life Bank claims that people are choosing to renovate and extend their homes in order to cope with their growing families, instead of packing up their belongings and moving to a new gaffe.

Around 60 per cent are choosing to do this as they want to stay in the same area - while around 33 per cent believe that they can add value to their home by carrying out renovation work.

"With just one in ten homeowners in their 30s and 40s saying they plan to move house soon, the property ladder as we know it is set for a shake up," Ashley Ramsay, trends expert at Standard Life Bank

"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," he went on.

"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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