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May 27, 2009    

Half of Brits upgrade homes

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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.

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