Despite the ongoing recession and the resultant increased pressure on everyone’s incomes, British householders remain keen on home improvement projects, new research shows.
Figures from HomeServe suggest that such work is being carried out by British homeowners as part of an effort to stop the value of their properties from falling further.
A number of different tasks are being carried out, the research shows, with painting and decorating proving to be the most popular choices.
In total, some ยฃ23 billion has been invested in the first quarter of the year by Britons hoping to keep the value of their property as high as possible, HomeServe claims.
Jon Florsheim, chief executive officer of membership at the organisation, says: “Homeowners looking to ride out the depressed market are looking to improve their home, redecorating and investing in kitchen and bathroom upgrades to increase their enjoyment of the home.”
Such findings follow claims from Lucian Cook, the director of residential research at Savills, that the property market is currently close to reaching its lowest level during this downturn.