Homeowners set to spend £6 billion on property upgrades

fmbNearly a third of UK homeowners are looking to carry out work on their home in the next three years, with up to £6 billion in projected works planned annually, according to a new study from the Federation of Master Builders (FMB).

,According to the FMB, almost 40% of these are set to be ‘major refurbishments’, including new kitchens, new bathrooms and home extensions, while smaller works such as loft conversions and conservatories account for 38%. More than one in five homeowners (22%) cited that the primary reason for their home improvements is being unable to buy a new home, and thus feeling compelled to upgrade their current space.

,Homeowners are putting families first, as wider motivations include planning for having a family and parents wishing to boost their children’s’ inheritance in future. Brian Berry, chief executive of the FMB, which commissioned the study, said: “We have seen a rising trend of multi-generational households – with grown-up children opting to stay with their parents while they save money for their own homes – this study suggests more than a million homeowners across the country want to build extra space as their children are unable to fly the nest.”

,The study also shows that when it comes to choosing a builder, one in four homeowners feel out of their depth. Word of mouth remains ‘essential’, with personal recommendations (82%) cited as the most common way to choose a builder, followed by trade association websites (36%).


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