‘Generation Stay’ ready to improve their homes
Nearly a third (31%) of home owners in the South East of England are looking to carry out work on their home in the next three years, according to a new study from the Federation of Master Builders (FMB).
More than 37% of projects are set to be major
refurbishments, including new kitchens, bathrooms and home extensions, while smaller schemes such as loft conversions and conservatories account for 29%.
This spend is being driven by Generation Stay – more than a million UK homeowners are looking to build extra space to accommodate grown-up children who can’t afford to leave home.
With a property plateau in the South East leaving many unable to move to a larger home despite having a growing family, people are being more creative with space in their property – 17% of owners in the South East are investing in their homes.
Brian Berry, chief executive of the FMB, which commissioned the study, said: “We have seen a rising trend of multi- generational households – with grown-up children opting to stay with their parents while they save money for their own homes. This study suggests more than a million home owners
across the country want to build extra space as their children are unable to fly the nest.”
The study also revealed that 48% of home owners in the
South East feel their property is in urgent need of modernisation to increase its value.
When prioritising how to choose a builder, reliable references
come top (64%), while fear of being ripped off (52%) is the biggest worry.
Brian added: “FMB's ‘Find a Builder’ matching service is a simple, easy to use online tool to ensure home owners have absolute confidence when choosing a builder.
“Our members have a minimum of 12 months’ trading history and have passed credit checks, public record and director checks, and all new members must be inspected while a job is in progress before they can join us.”
For more information on FMB’s “Find a Builder” service, visit
www.fmb.org.uk/fab
DOUBLE GLAZING REPAIRS Miranda
38 Mid Kent Living
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