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Brits spending billions on home improvement

Brits sprucing up homesProperty owners in the UK have spent £23 billion in the last three months on home improvement in an attempt to insure against falling prices.Brits spent around £23 billion in home improvements over the last three months, according to a new study.

Research by HomeServe has found that over 130,000 households in the UK spent between £25,000 and £50,000 on home improvements in the first three months of 2009.

Some 31 per cent of homeowners spruced up their properties through painting and decorating, while 14 per cent laid new floors or carpets in their homes.

The research found that one in 20 houses in the UK improved their bathrooms during the period, with a similar amount splashing out on renovations to kitchens.

Jon Florsheim, chief executive officer of HomeServe Membership, said people are investing in their homes "to insure against" the falling value of property.

"In a depressed market many homeowners are taking extra care to make their property stand out amongst their peers," he added.

"Homeowners looking to ride out the depressed market are looking to improve their home, redecorating and investing in kitchen and bathroom upgrades to increase their enjoyment of the home."

Recent research by the AA found that 57 per cent of householders planning home improvement want to create a nicer living environment, while 32 per cent are renovating to add value.
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Article Added: 30/04/2009 15:50:48
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