More homeowners are looking to make home improvements to their property than move over the next 12 months, according to a new survey.

Research from Nationwide Building Society has revealed that nearly half of homeowners are looking to improve their house, while just eight per cent are looking to move.

Of those planning to make improvements, 72 per cent want to update their decor and one in ten want to create more space.

Older homeowners could turn to equity release to fund these improvements, with recent figures from the Equity Release Council showing that over-55s have unlocked nearly £225 million from their houses in the three months to the end of June.

Paul Wootton, Nationwide's head of personal loans, said: "A static housing market means many people are unable to move home and are opting to make home improvements instead."