Alliance & Leicester sees Brits splashing out on decorating property
www.moneynews.co.uk > Housing market > Alliance & Leicester sees Brits splashing out on decorating property
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Money News |
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Alliance & Leicester sees Brits splashing out on decorating property
Wed 8th Dec 2004
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DIY spending has hit highs of £1,426 per person this quarter, 12 per cent more than the previous quarter and ten per cent higher than at the same time last year.
Alliance & Leicester believes that this is a result of homeowners decorating their property in preparation for incoming relatives and visitors over Christmas.
"While Brits are preparing to lavish money on their homes, it seems they are cannily opting to spend more on outward or cosmetic appearances with decorating or painting, rather than costly tasks, such as a new kitchen or bathroom, so close to Christmas," said Paul Cooper, head of mortgages at Alliance & Leicester.
Close to half of UK residents (47 per cent) are planning to spend money on their homes this quarter, with men planning to spend more than women for the first time this year.
Almost one in three people (30 per cent) plan to spend on adding new carpets, curtains or furniture, with one in five (19 per cent) intending to paint.
Unsurprisingly in the winter months, just one per cent of people are planning to add a conservatory, while new kitchens and bathrooms are the most popular major jobs.
However, the holiday season is not the only reason Alliance & Leicester sees for the improvements noted.
"Whilst the Christmas period plays a big part in this, the interest rate rises in the last year may have encouraged homeowners to focus on their own properties until rates stabilise rather than purchase a new home," Mr Cooper added.
Related News : Housing market |
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Related News : Alliance & Leicester |
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