10 Jun

Cautious Brits opt for home improvements

Cautious Brits opt for home improvements

Britons who have been put off moving home by the troubles in the housing market may be instead taking measures to improve their current property, Sainsbury's Home Insurance has suggested.

According to its research, a fifth of UK homeowners are planning to make major structural changes to their home over the next year, spending an average of £17,361.

Some people will also spend considerably more than that, with 19 per cent of respondents in the insurer's survey intending to put more than £20,000 into renovating their property and one per cent expecting to spend between £100,000 and £200,000.

Neil Laird, home insurance manager at Sainsbury's Finance, commented: "In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold."

In related news, recent research from Alliance & Leicester revealed that loft-conversions and re-fitted kitchens are the two renovations most likely to add value to home.
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