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How did Brexit Shook Consumer Confidence

According to the search conducted by bespoke kitchens in Glasgow, approximately 60% of homeowners in UK have been contemplating on home improvements. The estimate has been worth 50.89 billion pounds to be incurred over the next six months. The report was revealed to correspond with Home Improvement Month. However, the figures have been contradicting with the recent reports of poor consumer confidence that followed the EU Referendum results. A wide number of property owners were contemplating on home improvements. The figure increased by approximately 12% as compared to same time in 2016. However, the average homeowner was expected to spend approximately £4,870 on an average. Nonetheless, one in six homeowners has been planning to spend more than £10,000 on home improvement projects.

Improvements made for a reason

A survey revealed that more than one third of homeowners have been planning on home improvements due to their unwillingness to move. On the other hand, a quarter of homeowners have been planning home improvements for adding significant value to their homes. The primary focus of a majority of home improvements has been cosmetic changes whereas, a quarter have been investing in lighting and flooring. Moreover, another quarter would be investing in bathrooms and kitchens. Approximately 13% has been making investing in replacement windows.

Space of premium value in UK

It has been suggested that space has been of premium value in London. It has been premium as compared to the rest of the UK. Approximately 14% of home improvements made by homeowners have been extensions in London in comparison to merely 1% in Scotland and Wales. According to product manager, Grant Sneddon,’ it may not matter if you have been creating additional room, building extension, converting a loft or replacing a bathroom or kitchen, several homeowners across the UK would realize the prospective value of the homes. It would help them choose or add relevant space rather than moving out.’

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