Tuesday, June 23, 2009
Category:
Home Improvements
According to the annual Halifax Home Improvement Survey, 55 percent of homeowners have embarked upon home improvements in the past 12 months.
It would seem that the most popular project has been re-decorating, with 64 percent of respondents going down this route.
Second to re-decorating is reported to be garden improvements at 39 percent. Following this is the purchase of new furnishings at 26 percent, laying down new carpets at 20 percent, and fitting a new bathroom at 18 percent. The two main reasons for all of the home improvements include the enhancement of a property’s ‘look and design’ and its modernisation, at 44 percent and 38 percent respectively.
In addition to the aforementioned work undertaken over the past year, 13 percent have also increased the amount of living space available to them, or they intend to do so in the coming 12 months. 33 percent opted for an extension in order to achieve this goal, whereas 31 percent chose to introduce a conservatory to their property. Finally, 28 percent went for a loft conversion.
At 42 percent, the primary reason cited for increasing the amount of space within a property was to improve living standards. In second place, at 29 percent, was the desire to improve lifestyles. 76 percent of respondents explained that they have no intention of moving on to a new property within the next 2 years.
With regard to the cost of home improvements (other than those which result in extra living space), the research revealed that an average sum of £5,300 was spent in the past 12 months. The highest recorded outlay was found to be amongst those that have been in their home between one and two years, at £8,100. Second to this group came those that live on their own, at £6,800. £5,740 was spent by individuals that have plans to remain in their home for more than two years.
Commercial director at Lloyds Banking Group, Stephen Noakes, commented: "In the current housing market, many people have decided to stay put rather than move. Therefore it is no surprise that we've seen an increase in people adding space to their property to make it more suitable for their current lifestyle."
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Homeowners that have decided to improve rather than move may wish to consider taking out a secured loan to facilitate the desired work. A secured loan could allow the borrower to undertake an array of projects, from general re-decoration to fitting a new kitchen or bathroom. This finance option could also pave the way to a larger home by way of an extension, or perhaps by the addition of a conservatory. As well as improving lifestyles, borrowers may even find that some
home improvements funded by a secured loan may also increase the value of their properties.
