Homeowners changing rooms
Over fifty per cent of prospective property sellers have withdrawn houses from the market in favour of carrying out DIY improvement, new research has disclosed.
The survey of 500 estate agents and 1,000 homeowners, carried out by Lloyds TSB, reveals that would-be sellers are responding to the cooling property market by undergoing renovation on their existing properties instead.
A quarter of those undergoing home improvement are attempting to recoup and potential house price losses, while 59 per cent are putting plans on hold due to rising concerns over the economic climate.
"In a buoyant market, people taking on a home improvement project could get away with less than perfect preparation or some slapdash sums, as their mistakes were covered by rising property prices," said Location, Location, Location presenter Phil Spencer.
"However, in today's environment it is vital you plan any project thoroughly to ensure maximum return on investment," he added.
In other home improvement news, a DIY enthusiast has been forced to leave his dream home and destroy everything in it, after he unleashed potentially lethal asbestos fibres, the Metro has reported.
UK Property News posted on 04/08/2008 15:42:34
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