30 Oct

Homeowners plan £6 billion spend

Homeowners plan £6 billion spend

Homeowners are planning to spend £6 billion on upgrades to their properties over the next three years, according to a new study.

Research conducted by the Federation of Master Builders (FMB) showed that more than a million property owners are considering increasing the size of their homes to accommodate their older children who cannot afford to step on to the housing ladder.

Overall, 22 per cent said they are having to invest in their current homes because they are unable to financially cope with a house move even though they need the additional space.

Nearly 40 per cent of home improvements that are being planned include major upgrades, such as installing new kitchens, new bathrooms and home extensions.

"We have seen a rising trend of multi-generational households with grown up children opting to stay with their parents while they save money for their own homes," said Brian Berry, chief executive of the FMB.

In London, there was a desire among homeowners to increase the space of their property in order to allow them to let out part of their home to cash in on the strong demand for rental space.

The study also revealed one in four homeowners feel uncertain when it comes to finding a builder to carry out their planned improvements.

A total of 82 per cent felt that relying on personal recommendations was the best way to choose tradespeople, a further 36 per cent opt to consult trade association websites.

The majority worried that they could be ripped off when it came to paying for home improvements, with 55 per cent expressing that it was their top fear, while 29 per cent were concerned a tradesperson would make a major mistake.

Mr Berry added property owners should consider consulting with the FMB to find a reputable builder, with all their members having at least a year of trading history, as well as being subjected to credit checks, public record and director checks to ensure they meet the federation's criteria.

"All our members have also signed up to our stringent Code of Practice and have agreed to abide by our dispute resolution and complaints procedure, including independent adjudication through the Royal Institution of Chartered Surveyors (RICS).

"Our builders can offer warranties on their work and all of our members are eligible to join the government endorsed TrustMark scheme for tradespeople," he addedADNFCR-1222-ID-801757054-ADNFCR

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