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More spent on home improvements
30/11/05
Homeowners are now spending more money on home improvements but less on home maintenance, a new survey shows.
Over the last year the amount spent on improving homes increased to £23.70 per week up from £18.90 in 2002, according to the Family Spending Report. This equates to £1232.40 a year, up from £982.80.
People forked out twice as much to refit their bathrooms in 2005. The figures from the Office for National Statistics (ONS) show that on average, each household now spends £1.50 a week compared to 70p in 2004. But the amount spent on expensive improvements to other rooms including kitchens have fallen.
Homeowners are also spending more on calling in the professionals to carry out DIY work with £17.70 a week now going on builders, plumbers and the like compared to £17.10 last year.
Buying a second home is also becoming an increasingly popular move with many people splashing out £6 billion a year - £4 billion more than in 2003. A significant number are also choosing to buy abroad whether as a primary residence or a holiday home.
Total spending on a second home including the cost of council tax, mortgages and renting them out has risen from £1.90 to £5.80 a week per household.
Alexander Wright, the director of private client services at currency broker HIFX, told the Daily Telegraph: "People are buying more second homes, but they are doing it differently. They used to remortgage in the UK, but now they are taking out European mortgages."
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