Homeowners are still seeing their homes as an investment despite the fall in house prices. British homeowners intend to invest in their property to offset the losses of the recession, said a recent survey.
The survey, by Ratedpeople.com, a matching service for home improvers and tradesmen, showed that two thirds of home owners in Britain believe that home improvements offer a more reliable method of adding value to a property than leaving the value open to market forces alone.
Similarly, optimism amongst home owners was further highlighted, particularly by home improvers: whilst 61% of home owners indicated that they intended to undertake some type of home improvement in the coming two years, 85% of respondents indicated a belief that those who have invested in their property will see higher returns than those who have not.
Ratedpeople.com's research comparing January 2010 versus the same period a year ago suggests that home improvers are undertaking larger home improvement projects with the figures for Loft Conversion Projects up 16% and Windows & Conservatory Projects up 32%. There is also increasing demand for some smaller projects like Flooring Specialists (+9%) and carpenters (+10%).
Andrew Skipwith, the chief executive of Ratedpeople.com, said: "Despite the clear downturn in the property market, we have seen a steady but marked increase in the number of home owners requesting professional assistance from tradesmen with home improvement projects. Some trades, such as Window & Conservatory Specialists have seen as much as a 32% increase in demand."
Here at Greengates Builders Merchants Accrington, Lancashire we were delighted to hear that more home owners are going to start carrying out home improvements in order to increase the value of their home.