Britains still keen to invest in their homes

British Homeowners Believe Property Value Decreased By Up To 20% During Recession, Yet 61% Still Looking To Invest, Survey Reveals.

January 2010

61 per cent of British homeowners intend to invest in their property in the coming two years as a means of offsetting the losses of the recession - as 87 per cent of homeowners believe that their property has recently lost up to 20 per cent of value - according to a new nationwide survey unveiled today by RatedPeople.com, the UK's largest match making service for home improvers and recommended tradesmen.

The survey also indicated that, despite the perceived recent losses, more than two thirds of home owners in Great Britain still believe that home improvement projects are the key to maximising their personal investments. Specifically 68 per cent of homeowners indicated a belief that home improvements offered a more reliable method of adding value to a property than leaving the value open to market forces alone.

Similarly, optimism amongst home owners was further highlighted, particularly by home improvers: whilst 61 per cent of home owners indicated that they intended to undertake some type of home improvement in the coming two years, 85 per cent of respondents indicated a belief that those investing in their property will see higher returns than those who do not.

The nationwide survey was commissioned for RatedPeople.com to understand homeowner attitudes towards investing in their property in the current financial climate.

RatedPeople.com's own research comparing January 2010 versus the same period year ago suggests that home improvers are undertaking larger home improvement projects with the figures for Loft Conversion Projects up 16 per cent and Windows & Conservatory Projects up 32 per cent.  There is also increasing demand for some smaller projects like Flooring Specialists (+9 per cent) and carpenters (+10 per cent).

Andrew Skipwith, CEO of Ratedpeople.com, said:
“This survey clearly indicates the deep emotional relationship that British homeowners have with their properties - not least because homeowner faith in bricks and mortar apparently remains largely unshaken despite the fact that most people have experienced a relatively significant short term loss in the value of their property as a result of the recession.

The results from the nationwide survey add objective weight to the results Ratedpeople.com have been seeing over the last two years, as Andrew Skipwith continued: “Despite the clear downturn in the property market, we have seen a steady but marked increase in the number of home owners requesting professional assistance from tradesmen with home improvement projects. Some trades, such as Window & Conservatory Specialists have seen as much as a 32 per cent increase in demand.”

Ratedpeople.com Tradesmen Paul Mitchell of No.1 North East Home Improvements Ltd said: “Whilst we were all concerned about the impact of the recession and particularly the downturn in the property market, our business has in fact grown during the last two years as a result of increasing requests for work”.

Andrew Skipwith concluded: “The British love affair with home improvement has clearly emerged unscathed from the credit crunch and, as the economy tentatively arises from recession, it’s evident that even those who don’t necessarily intend to develop their own property, do recognise the value of doing so as the best long term investment option. It is therefore important that home improvers make sure they choose a recommended and rated tradesman.”

RatedPeople.com matches home improvers who need quotes for home improvement projects with interested local tradesmen who have been rated by their previous customers. With over £30m in project value posted and more than 1,000 new tradesmen joining the site each month, Ratedpeople.com is the UK’s largest match making service for home improvers and recommended tradesmen.

For more information please visit RatedPeople.com