Homeowners ''refitting bathrooms in credit crunch''

30/06/2008

New research has suggested that UK homeowners are continuing to refit their bathrooms and kitchens, despite the ongoing credit crunch.

The study, from insurance firm LV=, suggests that one million homes in the UK are being redeveloped rather than sold, with around one-third choosing to work on their house's bathroom.

Around 33 per cent of respondents said they intend to carry out improvements to their bathroom, while 29 per cent reported they have plans to refit the kitchen.

The most popular renovation, however, was to improve the floors of a home, with 39 per cent choosing this option.

Some of this work could be DIY, as 46 per cent of those looking for a new bathroom and 44 per cent with plans for a kitchen said they or members of their family would work on the project.

Emma Holyer, spokesperson for LV= General Insurance, commented: "Many homeowners told us they were spending this money so they could profit more on their homes when they do come to sell them after the market has stabilised."

Last week, Direct Line warned people considering DIY work to seek professional advice before starting to avoid damaging their property.

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