An increasing number of homeowners are choosing to revamp their current property instead of moving home, according to new research by Barbour ABI.
The report’s findings show that homeowners are moving less and instead making improvements to their homes, such as installing new windows, doors or conservatories from suppliers like us at Lockwood Windows.
According to the study, the desire to improve our homes runs deep compared with other nations, as we Brits tend to preserve our homes rather than demolish them or move house, which is great news for Lockwood Windows!
The latest English Housing Survey suggests that around three-quarters of homes are more than 50 years old, and with homeowners moving less frequently, it stands to reason that home improvements will become more of a priority.
‘’British people love their homes and are obsessed with home improvement,’’ states Brian Berry, Chief Executive of the FMB (The Federation of Master Builders).
As a supplier of high quality windows, doors and conservatories throughout Yorkshire, Lockwood Windows are well-placed to benefit from home-owners with the home improvement bug. MD and owner Richard Pogson said:
‘’At Lockwood Windows we’ve seen an increase across the board of customers buying both windows and doors from us. I believe there are a number of reasons for this, not least that the housing market has been very slow over the last few years resulting in a lack of new housing stock to choose from. This has led to people deciding to stick with their existing home but make improvements. ’’
Richard continued to comment that: ‘’Another factor is the variety in choice now available, especially in our market. Where once the only colour choice was white, we can now offer 10 colours for windows and up to 20 in doors. We’re receiving more quotes on conservatories, suggesting that customers are expanding their living space rather than moving home, plus they’re thinking more about saving money through energy efficiency which new windows and doors can help to achieve’’
The economy
According to the Office for National Statistics (ONS), in 2005, before the recession, the bigger spenders were the 30 to 50 year-olds. That’s changed and seems to be continuing to change. Those aged between 50 and retirement are now the big spenders on home improvement
When it comes to the Yorkshire & Humber region, the ONS Family Spending survey suggests that the average household, including owners and renters, spent almost £1,000 on home improvements annually over 2015 and 2016. This puts the total annual spend at over £2.2 billion.
If you are one of the many homeowners looking to spruce up your home, take a look at our products and services here.
Find out more about Lockwood windows, doors and conservatories or contact us on 01484 519677.
