A third of Brits plan to spend stamp duty savings on new home spruce ups
September 22, 2020
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September 22, 2020
Following a summer of home re-evaluation and Chancellor Rishi Sunak’s announcement of a temporary Stamp Duty Holiday, new research from Checkatrade reveals that more than one in ten (11%) Brits are hoping to have bought a new home by the end of March 2021.
The study of more than 2,000 British adults found that potential home movers are banking on saving an average of £5,219 per person. Three in five (59%) said they’d be more likely to buy a ‘doer-upper’ as they’d have more money available to spend on putting their own stamp on a project purchase.
Overall, a third (33%) plan to spend the ‘extra’ cash on home improvements and renovations with an average of £4,734 being reinvested into making the house feel like a home.
Kitchens (40%) and bathrooms (30%) are the rooms most likely to get a refresh but outside spaces are also ripe for renovation. Almost a quarter (24%) are keen to spruce up the garden, 18% are planning a new patio or outdoor dining space and more than one in ten (11%) have their eyes on an outdoor workspace. Some are also willing to splash the cash on wow features such as a cinema (12%) or swimming pool (11%).
Checkatrade has already seen record numbers of enquiries from consumers – in August, the numbers of calls and emails being received by trade members nearly doubled versus pre-Coronavirus*. *(91.9% increase from 4 weeks from 3 February 2020 to 1 March 2020, versus 3 August 2020 to 30 August 2020).
Mike Fairman, CEO of Checkatrade, said,
“All the signs are pointing towards the fact that people are getting their move on and as such we expect to see a surge in home improvement and renovation projects as we hit the new year. New homeowners who have benefited from the stamp duty savings will be turning their minds to making their mark on their new pad – be it refreshing the décor for their dream look or investing in sustainable renovations for longer term economy drives.”
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