Economic Downturn Effecting Home Improvements

The economic downturn affected people's enthusiasm for home improvement and their ability to fork out for it, and the effects are continuing to be felt, one expert has stated, according to Zoopla.

Andrew Leech, director of the National Home Improvement Council, said that people are far more frugal in the current economic climate and, as a result, have "drawn in their wings" as far as making large-scale property improvements are concerned.

He noted that making home improvements means "much more" than simply altering the kitchen and bathroom and can now include a range of things which can boost house prices when people come to put their property up for sale.

There are certain ways of making home improvements without spending a lot of money, if people are willing to put in the effort, Mr. Leech noted.

However, UK property owners doing this should also bear in mind the effect that any changes may have on their home insurance policy.

He elaborated: "It's fairly easy to move partitions so you could maybe make a bigger room into two smaller ones and if you start to do that and you don't inform your insurance company then that will be an automatic let out for them if anything goes wrong."

The expert's comments follow the publication of a survey by Gocompare, which found that 32 per cent of householders are currently delaying home maintenance and decorating jobs to save money. With inflation at its full sway, and sudden increase in interest rates, the households are tough to be run smoothly.

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