20 things

20 things about home improvements

15 April 2006

• Research from the Halifax has revealed homeowners and investors are increasingly turning to simple, straightforward home improvements to improve and boost the value of their property.
• The annual Halifax Home Improvement Survey revealed redecorating was the nations most popular home improvement, with improving the property by installing new furnishings second.
• Despite a growing number of people turning to simple DIY solutions, only 7 per cent admitted to making home improvements to add value to their home. 30 per cent of respondents claimed improvements were made to improve the look of the home, while modernising the property received 20 per cent of the votes.
• 36 per cent of homeowners expected to make home improvements in the next 12 months. 62 per cent expected to spend up to a limit of £5,000 to improve their home. 20 per cent admitted they would spend up to £40,000 to improve their property.
• Halifax revealed the ‘warmth factor’ trend associated with home improvements had diminished, despite 80 per cent of respondents admitting central heating was an essential feature. 65 per cent considered double-glazing to be essential.
• Home security was also a priority, with 69 per cent admitting it was a key factor, up considerably from 1998’s total of 28 per cent.
• Desirable changes that homeowners would like to make included the addition of a conservatory, with 66 per cent of respondents admitting to wanting, but not needing one. 62 per cent desired a utility room, with 57 per cent wanting a loft conversion, fitted bedroom or contemporary fixtures and fittings.
• Commenting on the findings Donna Spencer, head of secured lending at Halifax, said: “The continued desire to improve homes shows people are taking a responsible attitude towards their properties and enjoying making the most of them. DIYers appear to be favouring straightforward home improvements, which add value and update the look of a house, without the need for specialised materials.”
• The research was conducted by Gfk NOP World Financial, on behalf of the Halifax. The study gathered a representative sample of 990 adults who were interviewed between 10 and 12 March 2006.
• Continuing the theme of property improvements, the Office of the Deputy Prime Minister (ODPM) has revealed a marked improvement in properties owned by property investors and landlords.
• ODPM statistics showed three million households are classed as private accommodation, almost a quarter of which rent.
• It revealed 50.3 per cent of vulnerable households living in private rented accommodation live in homes classed as decent, as opposed to 28 per cent in 1996.
• The research revealed the condition of houses in the private rented sector had improved since 1996. In 1996 37.6 per cent of homes in the sector were classed as decent, compared to 57.4 per cent in 2004.
• Classification of a ‘decent home’ under ODPM guidelines includes the notes that properties must be in a reasonable state of repair, and have modern facilities. The property must also include adequate levels of insulation.
• As part of the criteria the property must also have an effective heating system to ensure home can be kept warm. The house must also meet the statutory minimum fitness levels.
• The fitness level that properties are currently subject to is to be replaced by the Housing Health and Safety Rating System.
• The ODPM stated the improvements to the private rented sector, and, as a result the buy-to-let market had been due to the quality of housing stock improving. The ODPM defined these improvements as those who could prove the principal of means-tested or had disability related benefits.
• David Salusbury, chairman at the National Landlords Association (NLA) welcomed the findings. “Over the last 10 years we have witnessed consistent improvement in the quality of homes within the private rented sector. While we support the government’s desire to raise standards in the private rented sector, we do not feel that the blunt stick of across-the-board regulation is the answer alone – the role of the market is also critically important.”
• The government has pledged to increase the proportion of vulnerable households in the private sector who live in decent homes by 2010.
• Salusbury concluded: “There have been a number of changes to legislation that aim to improve the quality of the housing stock. However, some landlords have expressed concern that the new regulations will be costly and will add to the considerable amount of time they already spend dealing with red tape.”