Home is where the heart is
According to new research by roof manufacturer VELUX, as part of the 2017 Home Survey, 59% of UK homeowners are planning to carry out home improvements over the next six months, up 12% on last year.
Contrary to many recent reports suggesting a weakening of consumer confidence in the shadow of Brexit, the UK’s home improvers are willing to invest to create their dream home, with a planned average spend of £4,870 over the next six months. One in six home improvers (16%) are planning to spend over £10,000 on their proposed projects.
Over a third of homeowners (34%) who are planning to improve their property over the next six months are doing so because they love their home and the area they live in and don’t want to move. By comparison, a quarter (26%) are improving their home to add value to the property.
In London, 14% of home improvers are planning an extension compared to just 1% of home improvers in Wales and Scotland.
Grant Sneddon, Product Manager from VELUX said: “Despite widespread reports of weakened consumer and business confidence, our comprehensive research underlines a clear intention from homeowners to continue investing in their homes.
“What’s perhaps more interesting is that homeowners are spending out of a personal preference of creating their dream homes, just as much as those who are spending to invest in the future value of their property.