A new study has found that Brexit uncertainty has caused a significant number of homeowners to cancel or postpone plans to make improvements to their properties.
The research, carried out by VELUX, involved 2,000 homeowners with plans to carry out home improvements over the next six months. 27% expect their plans to be impacted by the decision to leave the EU on 31 October, regardless of whether the UK leaves with or without a deal.
14% of home improvers said leaving without a deal would likely result in either postponing or cancelling plans. Conversely, 12% said leaving with a deal would likely result in them pressing ahead with plans.
However, almost half (49%) of respondents said the outcome of Brexit would have no bearing on their plans to improve their homes.
Grant Sneddon, product manager at VELUX said, “The spectre of Brexit has clearly played a major factor in many households’ home improvement decisions during recent years and looks set to continue playing a key role in the decision-making process.
“When it comes to making significant investments such as home extensions or loft conversions, it’s no surprise that some homeowners have taken a more cautious approach to improving their homes or even moving home. Concern around house prices and interest rates often impacts consumer spending plans when it comes to decisions around home improvements or moving.
“However, it’s pleasing to see that a large proportion of homeowners remain unaffected by wider uncertainty surrounding Brexit. For many people, the emotional benefits of improving their living spaces outweigh wider economic considerations. For them and their families, creating the ideal living space is paramount to their lifestyle aspirations.”
