Home or away?

May 29

5 min read

The decision about whether to move house or not is one that grips the nation.

When Channel 4’s Love It or List It launched 10 years ago, it attracted an average of 2.3 million viewers per episode in its first series. It’s now completed its 10th series, indicating continued high levels of interest in this dilemma – and of course, in the programme.

People do tend to stay where they are for quite a while, though. According to Zoopla research, UK homeowners are calling their property home for an average of nine years before moving on. People in larger homes tend to linger a little longer – for 13 years – the study found.

In Scotland, the picture is slightly different. People tend to up and move slightly sooner – after seven years, from a one, two or three-bed home or after eight years, on average, if the property has more than four bedrooms.

But no matter how settled homeowners might feel, life changes, such as an expanding family, can lead to checking out what the estate agent has to offer:

“Homeowners often reach a point where they must decide between moving to a new property or improving their current one,” says Bob Duncan, managing director, financial services at Rettie Sponsored;

“From a mortgage perspective, there’s no one-size-fits-all answer; it often comes down to your personal circumstances, long-term goals, family and borrowing ability.”

Moving home

It’s essential to first weigh up the advantages and disadvantages attached to moving, in comparison with those for adapting and enhancing the home you have.

Bob says: “Moving can offer more space, a different layout or a new location closer to schools, green spaces or work. However, with agent fees, LBTT (land and buildings transaction tax) and potentially a new mortgage at a higher interest rate, it can be a costly step. It’s important to factor in the purchase price and the affordability of a new loan over time.”

Analysis from property platform, Compare My Move recently revealed that when buying a home in Scotland, a 10 per cent deposit, mortgage fees, conveyancing, removals and LBTT all add up to a cost of £23,797.

Nevertheless, there is still enthusiasm for putting property on the market. ESPC’s April house-price report found that new listings are up 0.7 per cent.

And that’s not the only uptick. Between February and April 2025, the number of properties sold across Edinburgh, the Lothians, Fife and the Borders increased by 7.8 per cent compared to the same period last year.

Chief executive Paul Hilton comments: “The spring months of 2025 have continued to paint a positive picture for the local property market, with rising, average selling prices across most regions, steady sales activity and a consistent stream of new property listings. Buyers are benefiting from stable conditions, while sellers are seeing strong market engagement.”

Recent news from the Bank of England could also be a deciding factor for some. Commenting on the May interest-rate cut, Bob says: “A base-rate cut to 4.25 per cent will be welcome news for many homebuyers and homeowners across Edinburgh.

“Confidence has already been returning to the market in recent months, and a rate reduction should help further ease affordability pressures, particularly for first-time buyers and those coming off higher fixed-rate deals post Covid.

“While we may not see an immediate drop in mortgage rates across the board, this is a clear signal that we’re moving in the right direction, and it could encourage more buyers to make their move this spring.

“We’re already seeing clients being more optimistic about their options, and a cut like this is likely to reinforce that growing sense of confidence.”

Improving your home

Some homeowners, however, might prefer to turn their current home into one that’s more suitable for changing circumstances.

According to new research from Compare the Market, more than half (52 per cent) of UK homeowners have either done up their home or are planning to, in the year ahead. The study identified that people are spending on average just under £16,000 on renovation work, with 29 per cent spending over £20,000. Bathrooms and kitchens are top of the agenda as the most popular areas of the home to upgrade, as are gardens.

Aviva’s latest ‘How We Live’ survey, published in February this year also uncovered renovation plans, finding that nearly seven million homeowners in the UK are planning to do up their homes in the next two years. It says that Scottish homeowners are particularly focused on making their homes beautiful, with three fifths planning refurbishments.

Among the homeowners planning renovations, one in five intend to extend the layout of their homes over the next two years. Within this group, a quarter of those who are planning changes are doing so because of working from home. This includes fifteen per cent who are keen to create a home office, while more than one in 10 want to create space to run their business venture from home.

Looking at the option of remodelling the home you already have, Bob observes: “Improving your current home through renovations or extensions might allow you to better meet your needs without the upheaval of relocating.

“With enough equity, remortgaging to release funds can be a cost-effective solution. It’s important to be mindful of the risks involved with planning permissions, build delays and no guarantee of increasing the home’s value.

“In Edinburgh south, where character homes and limited space are common, the decision to move or improve depends on your individual situation, lifestyle, plans and ability to borrow at a sensible level.”

Rettie Financial Services mortgage advisers are available to help guide homeowners’ decisions with clarity and confidence, Bob adds.

The agency is opening a new office in Edinburgh’s south side, due to client interest in the area’s homes. The new, Morningside Road branch, scheduled to open in June, brings Rettie’s total number of offices in Scotland to 11. This will be the agency’s third in the capital: it already has two in the New Town – one on Wemyss Place and another on Jamaica Street. Morningside Road is the first to offer a combination of services, including financial services, as well as property sales and lettings.

Some current properties available for sale on the south side of the city include a six-bedroom detached Victorian villa in Newington, at offers over £1,800,000; a terraced home with four bedrooms and plentiful parking, at offers over £760,000; and a first-floor apartment with three bedrooms, in a Victorian tenement in Bruntsfield is on the market, seeking offers over £545,000.