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 that looks good and is located in the best area are the main pressures in life for a third of these homeowners – and one in ten 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 property-related worry, with more than half upgrading their current homes rather than moving.
The vast majority, 89 per cent, have renovated their homes in the last five years; 64 per cent say the work was minor, while 30 per cent carried out substantial renovations. In addition, one-third had invested even more in their homes, adding an average of more than 150 square feet to their property.
According to consumer psychologist and face of BBC's Spendaholics, Benjamin Fry, upgrading could be the perfect balance for stressed out homeowners. ‘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.’
Fry, a psychologist and presenter of the BBC programmes Spendaholics and Freaky Eaters, is also the author of What’s Wrong With You, published by
Maraki Books. Listen to Fry talk to Nick Clark, a company director, about a new trend called ‘improvenza’
here.