It has been forecast that homeowners will carry out home improvements worth £50.89 billion over the course of the next six months. This figure is in conflict with other reports of lessened consumer confidence.
The research, carried out by Velux as part of their Home Improvement survey, shows that there has been a 12% increase in the number of property owners planning on carrying out home improvements. This increase is in comparison to the same time last year. Velux have carried out their Home Improvement survey in order to be released during Home Improvement Month, April. The roof window manufacturer’s research has shown that 59% of the homeowners in the UK are expected to carry out home improvements in the next six months.
It has previously been reported that there has been a reduction in consumer confidence because of Britain’s decision to leave the European Union. However, the Velux 2017 Home Improvement survey shows this might not actually be the case. It has been revealed by the survey that home improvers are ready to invest in order to get their dream home. The survey showed a planned average spend of £4,870 over the course of the next six months. Velux’s survey showed that 16% of the sample were prepared to spend in excess of £10,000 on projects around their homes.
It has been revealed that home improvements are more emotional than they are rational decisions. 34% of those asked as part of the survey have said that they plan on carrying out improvements on their property because they love their home and local area and don’t want to move. In comparison to this figure 26% of home improvers said they were doing it to add value to their homes. 24% of the sample suggested that they would carry out home improvements in order to make them feel good about themselves.
