Cutbacks in home improvement projects in recession-hit UK

18/08/2009

Credit crunched Brits are tightening their household budgets and avoiding debt by cancelling or delaying big home improvement projects, it has been suggested.

A poll conducted by Sainsbury's Home Insurance showed that only 13 per cent of those who own their own home plan to undertake "major structural work" on the property over the next year.

This is a 39 per cent decline from when the same question was asked in 2008.

The recession has led to rising unemployment and tightening credit conditions from banks - all limiting homeowners' ability to fund the projects.

Joanne Mallon, Sainsbury's home insurance manager, suggested that declining house prices could help to counterbalance the trend.

"In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold," she commented.

The three most common home improvement projects currently being planned by homeowners are loft conversions, side extensions and garage conversions.

Loft conversions also topped the poll last year.

Tags; Budgeting Advice, Young Family Finances,

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