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Homeowners are spending more money than ever on home improvements, with a view to adding value to their homes
The 2014 European Home Report revealed that 68% of homeowners surveyed said that they were specifically investing in improvements in order to increase the value of their property.
With over 17,000 households across Europe providing data for this extensive survey, it gives a comprehensive picture of just why homeowners are choosing to make such changes.
These results are in stark contrast to those from the same report only two years ago. In 2012, adding value to the home came fifth on the list of reasons to carry out improvements, and only 17% of those questioned said that this was going to be their main motivation.
These new findings are supported by a survey that focused entirely on the UK, and found that almost half of homeowners plan to undertake some kind of DIY project in the next 12 months. According to this research, which was recently produced by Nationwide Building Society, consumers will spend an average of £3,342 each on home DIY and decoration in the coming year. This means that a massive £79 billion could well be spent on improving homes.
The details of the Nationwide report reveal that 65% are planning to paint, wallpaper or plaster, 24% to lay carpet or a different kind of flooring, while 18% plan to update or renew their bathroom and a further 16% to update or renew their kitchen.
“We have seen an increase in DIY sales for most of this year, with the peaks being over bank holiday weekends. The housing market is having a positive effect on our business as well as many others; it really is helping the economy,” says Andrew Burrows, Business Manager for Decorating Warehouse.