Average home improvement spend at £5,300 - Money - News - Moneyfacts

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Average home improvement spend at £5,300

Average home improvement spend at £5,300

Category: Money

Updated: 26/05/2009
First Published: 26/05/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New research has revealed the more than half of the UK's homeowners have made improvements to their property in the past year.

Britons have spent an average of £5,300 on enhancing their homes in the last 12 months, according to Halifax Home Improvement Survey.

Redecorating is the nation's most popular upgrade, with almost two thirds (64 per cent) of us choosing to brighten up our properties with a lick of paint and wallpaper.

Almost four in ten (39 per cent) people carry out work to the garden, while new furnishings, carpets and bathrooms are also popular.

Adding space to property, which can significantly improve the value of a home, has either been carried out or planned by over one in ten homeowners in the past 12 months.

With the property market still proving unpredictable, homeowners are in no rush to cash in on developments made to their homes. Over three quarters of people that have improved their properties have no plans to move within the next two years.

"In the current housing market, many people have decided to stay put rather than move," said Stephen Noakes, commercial director at Lloyds Banking Group.

"Therefore, it is no surprise that we've seen an increase in people adding space to their property to make it more suitable for their current lifestyle."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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