We’re staying in and improving
CUTS in mortgage interest rates are being credited for a boom in business being experienced by Teesside home improvement retailers in the first quarter of 2009.
Home owners have responded to recent reductions in their monthly mortgage payments by upgrading their homes, according to one kitchen and bathroom supplier, which said it had seen an 80% increase in footfall over the first three months of the year.
Court Homemakers, based at Portrack Lane, Stockton, are not the only ones to have seen a significant increase in customer numbers, said sales director Paul Henderson.
“This is a pattern that is being witnessed in many of the home improvement outlets at Portrack Lane. All the car parks are unusually busy for this time of the year.
“We took the decision to have a January sale this year and the visitor numbers to the showroom were exceptional.
“In this first quarter we have seen an 80% increase in visitors and this has reflected in a similar increase in sales over last year.”
He said the value of orders was also showing an upturn.
“People are obviously concerned about the economic situation but they are encouraged by the fall in the cost of borrowing and are taking the decision to invest in improvements to their existing homes rather than seeking to enter the property market,” said Mr Henderson.
With Easter traditionally being the busiest weekend for home improvement outlets, new research from Yorkshire Bank has revealed that 71% of Brits are planning a spot of DiY over the long weekend.
According to Yorkshire Bank’s quarterly Housebuyers Report, just 5% of those surveyed plan to move home this year with many choosing to stay put and improve instead.
The research also revealed that Brits are taking a prudent approach to their improvements with more than 61% of those surveyed planning to do their own home improvements rather than hiring in professionals.
The bank’s research also revealed that 15% of DiY projects can take months to complete, with 8% never getting finished at all.
A further 13% of people surveyed said they under-estimated the cost of their DiY, with 11% admitting they had to either re-do a DiY job or hire in a tradesmen to repair the damage.
