Manchester homeowners are increasingly scrapping plans to upsize as higher mortgage rates and stamp duty costs push moving expenses into five-figure territory.
According to Resi, a UK home extension specialist, families across Greater Manchester are opting to remodel rather than relocate, redirecting budgets that would previously have funded a move into extensions and renovations.
The sums involved are significant. A household trading up from a £350,000 home to a £450,000 property could now face a stamp duty bill of more than £10,000, before accounting for legal fees, surveys, removals and increased monthly mortgage payments.
For many, that total compares closely with the cost of a substantial extension, offering additional space without the upheaval of moving or taking on larger borrowing commitments.
CHANGING WORK PATTERNS
Resi says demand is strongest for practical upgrades that unlock usable space, including ground floor rear extensions, conservatory replacements, side-return infills and garage conversions.
The trend is also being influenced by evolving work patterns, with homeowners prioritising larger kitchens and flexible family areas as hybrid working becomes embedded.
“Moving house has become incredibly expensive.”
Mark Hood (main picture, inset), Director of Architecture at Resi, says: “We’re seeing a real shift in Manchester. Families who would previously have moved are now being priced out by mortgage rates and stamp duty, so they’re choosing to stay put and improve instead.
“When you add everything up (tax, fees, higher borrowing) moving house has become incredibly expensive. For many people, it now makes far more sense to invest that money into their existing home and create the space they need.”
FINANCIAL DECISIONS
He adds: “This is more about financial decisions than lifestyle. People are weighing up whether to hand tens of thousands to the taxman and lenders, or put that same money into an extension that actually improves their quality of life. Increasingly, they’re choosing the latter.”
