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Homeowners set to spend £6 billion on property upgrades

Nearly a third of UK homeowners are looking to carry out work on their home in the next three years, with up to £6 billion in projected works planned annually over the next three years, a new study shows.
According to a new study from the Federation of Master Builders (FMB), almost 40% of these are set to be major refurbishments, including new kitchens, new bathrooms and home extensions, while smaller works such as loft conversions and conservatories account for 38%.

More than one in five home owners (22%) cited that the primary reason for their home improvements is being unable to buy a new home, and thus feeling compelled to upgrade their current space.

Home owners are putting families first, as wider motivations include planning for having a family, and parents wishing to boost their children’s’ inheritance in future.

Brian Berry, Chief Executive of the FMB, said: “We have seen a rising trend of multi-generational households – with grown-up children opting to stay with their parents while they save money for their own homes – this study suggests more than a million home owners across the country want to build extra space as their children are unable to fly the nest.”

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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