Brits set to spend 'billions on home improvements' over 12 months

Tuesday, 14 September 2010 3:45 PM

Brits are expected to spend an estimated £50 billion renovating their properties over the next 12 months, research shows.

An average of £2,831 is set to be spent across 18 million homes in Britain on home improvements such as insulation, decorating and renovating, according to a survey by Everest.

British homeowners are keen to modernise their properties to reduce energy bills, with 43 per cent of those polled suggesting that the improvements are primarily to reduce the cost of running a home.

Two-thirds of Brits are expected to spend money redecorating the inside of their property, while a fifth (19 per cent) investing in the exterior of their house and one in ten (12 per cent) paying for a new bathroom.

Commenting on the findings, the home improvements retailer's marketing director, Duncan Bland, explained: "In times of economic uncertainty we generally see people focusing on improvements that are more likely to add value to a property, such as a lick of paint, a new kitchen or replacing drafty old windows."

Meanwhile, recent research by Sainsbury's Finance suggests that one in five Brits have taken out loans to pay for home improvements during the first half of 2010.

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