|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Monday 09th of August 2010
|    Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Property News feed Property News

All Financial News feed All Financial News

May 27, 2009    

Half of Brits upgrade homes

Bookmark and Share

by David Masters
Half of Brits upgrade homes

Over half of British homeowners have forked out for home improvements in the last year, spending an average of £5,300.

Halifax’s Home Improvement Survey found that 55% of homeowners have undertaken a home improvement project in the last 12 months.

The most popular choice was redecorating, with two thirds (64%) of home upgrades involving a new coat of paint or changing the wallpaper.

Garden improvements claimed second place at 39%, followed by new furnishings (26%), new carpets (20%) and new bathrooms (18%).

People who have recently moved into their property spent the most on home upgrades, averaging £8,100.

Those who intend to stay in their property for more than two years also spent more than average, with a typical spend of £5,740.

New kitchens were the most expensive upgrade, with an average spend of £6,300 per project.

Thirteen percent of home upgrades added extra living space, with a rough three-way split between converting the loft, adding a conservatory, and building an extension.

Stephen Noakes, commercial director at Lloyds Banking Group said it is ‘no surprise’ that people are adding space and improving their properties during a downturn in house prices.

“In the current housing market, many people have decided to stay put rather than move,” Noakes said.

Discuss this in the Finance Markets forums

Story link: Half of Brits upgrade homes

Related financial stories to: Half of Brits upgrade homes:
Previous: «
Next: Tesco, Sainsbury, Morrison all higher in London »

Visited 1044 times, 1 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: decorating, extension, Halifax Home Improvements Survey, , , upgrade