Property Repossession News: Home improvement projects 'are not top of owner priorities'
2011-02-02 00:00:00
Owners of property in need of restoration might wish to carry out DIY tasks in order to make the home look more appealing to potential buyers.
However, Malcolm Pinkerton, senior analyst at Verdict Research, believes that currently not many homeowners are willing to take on improvement projects in their properties.
"Housing related spending is just simply not a priority for many and consumers are just not willing to make those major purchases at the moment," he argued.
Concerns about personal finances are driving this reluctance to invest in large-scale DIY tasks, but homeowners with an eye on the market may change their minds.
"Consumers aren't willing to make a big investment, but they are willing to do up the home a little bit to make it more inhabitable and to maybe improve the value when they come to sell it," Mr Pinkerton explained.
His comments come after data from the British Retail Consortium revealed that last month, retail sales in the indoor décor and DIY sector showed gains, but these were often linked to promotions in shops.
