The housing crisis is driving more people to stay in their existing property and carry out home improvements, an industry commentator claims.
Claire Barrett, editor at Grand Designs Magazine, states the economic downturn has seen an increase in the number of people who are “definitely staying put” in their current home where they once could have moved.
Ms Barrett goes on to claim that although money is tighter these days, homeowners are using any spare cash they do have to carry out DIY projects.
“Something that we’ve noticed is people are staying put, so they are willing to spend what money they have got on doing improvements – whether that’s kitchens or bathrooms,” the editor points out.
These moves come as she asserts people are looking to make their home more pleasant to live in and are moving away from the mindset of seeing a property solely as a “cash cow”.
Indeed, the popularity of DIY was seen in research by Sainsbury’s Home Insurance released last April which revealed two-thirds of people have attempted a home improvement project over the previous 12-month period.