DIYers Hope To Add
£5,000 To Their House Value
The Halifax annual Home Improvement Survey for 2007 has just been published. The survey, compiled using independent market research has shown an increase in the number of people undertaking home improvements to update and modernise their home over the past twelve months.
The key findings of the research are:
- Increased popularity of home improvements - More than half of the population (58%) have undertaken some form of home improvements over the past 12 months, an increase of 12% on last year's figures.
- Younger people become more active - Younger people are getting more involved in home improvements. Last year the most active age group for carrying out home improvements was the 35 to 44 year olds (58%.) whereas this year the most active groups are 18-24 and 25-34 year olds (each 68%).
- More people looking to add value and improve saleability- There has been an increase in the number of people carrying out home improvements to increase the value of their property, a quarter of people cited this reason compared with just 7% last year. Likewise, more people are seeking to increase saleability of their property through home improvements, 16% compared with just 2% last year.
- DIYers hope to add £5,000 - Over a quarter of home improvers estimate that the work they have completed in the past twelve months will add over £5,000 to the value of their property.
- Redecorating remains the nation's most popular home improvement - Redecorating is still the nation's most popular home improvement, with two thirds (66%) choosing to revamp their homes with a new coat of paint and wallpaper.
- Focus on the outdoors – Garden improvements remain popular, moving up the popularity ranks to second place. 41% of people chose to improve their garden in the past twelve months. Perhaps surprisingly, over 45% of respondents from the 18-24 year old age group had undertaken some garden improvements in the last year.
- The kitchen is the room people would most like to change – The room people would most like to change is the kitchen. This is regularly highlighted as an area people would like to improve, but rarely appears in the top three most commonly conducted improvements. It may be that restricting factors such as finances or limited ability are preventing people from undertaking this task.
- East Midlands most active area - Residents of the East Midlands were the most active with 67% undertaking home improvements over the past 12 months, followed by Wales (64%), Yorkshire and Humber (62%) and the North West (61%).
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