Home improvements?

YouGov
April 30, 2010, 11:28 PM GMT+0

A significant proportion of the public is still shying away from investing in their houses because of the economic crisis, despite the economy being reported as officially coming out of recession, a survey on behalf of New West End Company has shown.

Although 37% say that they intend to invest in their homes this year (but with ten percent not having done anything to their homes in the year prior), over one in five (22%) say that they will not invest any money in their homes this year, with ten percent of these not having done so last year either.

It seems that the recession has halted many people’s plans to invest in homes. 36% claim to have put decorating or buying furniture on hold because of the downturn, and 20% insist they have delayed improving their garden for the same reason.

However, that there remains some desire among the public to invest in their houses may serve as an indication of the proportion of us who still possess such an asset. Exactly a quarter (25%) claim to own their home outright and a further 41% say they have purchased their house using a mortgage or loan – a staggering two thirds (66%), therefore, have some kind of property in which they could be tempted to invest.

But for those eyeing their budget (and perhaps their homes) with some concern, it seems that significant questions remain as to how the economy will be approached after the results are in on May 6th. The sizeable minority whose home improvements have been put on hold will surely be waiting to see whether halting home investment has been a wise or a foolish decision.