Homeowners improve instead of moving house

01 September 2004
DIY is set to soar over the next four months, predicts Alliance & Leicester's Mortgage movingimproving index.

New findings show that the amount each person will spend on DIY will increase by £68 from the summer to the autumn - and £23 up from this time last year.

Other findings from the movingimproving index show that the number of people intending to move house this autumn has decreased (four per cent intend to move this autumn compared with five per cent in the summer).

The head of mortgages at Alliance & Leicester, Paul Cooper, said: "Although we have seen a fall in the proportion of people planning to move house over the next three months, the increase in predicted DIY spend suggests that rising interest rates may be influencing buyers to hold back and focus on their properties until rates stabilise."

When it comes to specific activities 29 per cent of people are planning to add a new carpet, curtains or furniture. 19 per cent of respondents are would-be-painters and ten per cent hoping to work on the garden.

Bigger home improvements are still popular, with seven per cent of people planning to fund a new kitchen and six per cent planning a new bathroom.

Mr Cooper added: "Whilst commentators continue to debate the housing market, it is important that people spend their money wisely on improvements. It is still a good time to move for those who have considered all the financial implications."

Married couples will be the top DIY spenders, at £1,418, whereas singletons only expect to spend £1,022.

Regionally, people in the East Midlands plan to spend the most - at £1,590 - while residents of the West Midlands intend to spend just £1,050.
© DeHavilland Information Services plc