The average Brit intends to spend 1,426 improving their property this quarter, says the Alliance & Leicester Mortgages movingimproving index.
The figure is the highest this year and is 12% more than last quarter – 1,270 – and 10% more than this time last year – 1,300.
With their nearest and dearest likely to pay a visit during the festive season, it seems people are gearing up to show off their property, mostly with low key cosmetic improvements such as a spot of decorating or painting.
The findings show that nearly half of people – 47% – in the UK are planning to spend some money on DIY and
just under a third of people will decorate their homes with new carpets, curtains or furniture.
Alliance & Leicesters movingimproving index, which monitors quarterly DIY intentions, shows that Brits are putting off doing the costly jobs in the run up to Christmas, with only 15% planning to fit a new bathroom or kitchen.
Paul Cooper, head of mortgages at Alliance & Leicester, says: “While Brits are preparing to lavish money on their homes, it seems they are cannily opting to spend more on outward or cosmetic appearances with decorating or painting, rather than costly tasks, such as a new kitchen or bathroom, so close to Christmas.
“This approach is quite compelling. While the Christmas period plays a big part in this, the interest rate rises in the last year may have encouraged homeowners to focus on their own properties until rates stabilise rather than purchase a new home.”