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Property slump sparks home improvement boom

Monday, 28 February 2011 3:44 PM

British homeowners are splashing the cash on home improvement in an effort to beat the current UK property slump, according to new research.

Data from comparison website Idealo.co.uk has suggested that property owners are eager to retain or boost the value of their homes through DIY projects.

According to the findings, consumer interest in some home improvement items has rocketed by almost 3,000 per cent since this time last year.

Sales of ladders, toolboxes, power drills and paint have also been rocketing in recent months, while the average UK home has dropped at least £10,000 in value since February 2008.

David McLoughlin, manager at Idealo.co.uk, commented: "Home improvement products always start to pick up when spring sets in but the scale of the annual increases we're seeing now point to a different story this time.

"The property market is at best sluggish and it seems people are making a conscious decision to improve what they've got so that they can cash in when the slump ends.

"This mood is certainly reflected in the trends that we're seeing on the site," he added.

The most popular home improvement categories on the comparison site currently include greenhouses - up 2,787 per cent on February 2010 – and wood stoves, as shoppers look to add value to their property.

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