British homeowners are spending record amounts on improving their homes, according to new research from Alliance and Leicester's moving/improving index. It shows that the average homeowner intends to spend £1501 improving their home this quarter. This amount is up 5% from the past quarter, and 21% year on year.
The survey also shows that homeowners are increasingly looking on their homes as an investment, and see house moves as a way to make money. Residents in the north of England seem most optimistic about their home being an investment, with 16% of them looking to make money from their house, compared to only 3% of Scots.
Our view
This is an unsurprising result given that most people will sit tight and improve properties when interest rates are higher or the housing market is slowing.