Cash-strapped Brits choosing to renovate

www.moneynews.co.uk > General finance > Cash-strapped Brits choosing to renovate

Cash-strapped Brits choosing to renovate

Mon 30th Jun 2008

More people in Britain are choosing to make improvements to their homes rather than move as the cost of living soars, it has been found.

According to home insurer LV=, around one million homes are likely to be improved in some way in the next 12 months, with many people looking to improve the value of their property.

Around 44 per cent of people said they were planning a new kitchen, with 4.7 million hoping to fit a new bathroom.

Meanwhile, six per cent said they were building an extension to their home and four per cent were about to carry out a loft conversion.

Emma Holyer, spokesperson for LV=, said the fact that people are still making improvements despite a downturn in the housing market is good news.

"Many homeowners told us they were spending this money so they could profit more on their homes when they do come to sell them after the market has stabilised. This shows that although people are concerned about the short term housing market there does appear to be optimism in the long term," she commented.

People in Britain are increasingly choosing to install more energy-efficient appliances such as boilers and insulation in a bid to combat rising fuel prices, the Halifax states.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued