An industry first consumer survey has revealed that a fair chunk of homeowners are looking to invest in home improvement products in the next year.
The Consumer Protection Association polled 1000 homeowners as part of the independent survey, all of which had been selected to represent a cross-section of the UK population; and all of which were property owners.
Respondents were asked a series of questions around consumer protection, insurance, deposit protection and their plans for spending on home improvements.
The survey followed the recent pension reforms that were announced by government.
New pensions rules came into effect recently, allowing UK savers to take out their entire pension as a whole lump sum rather than just purchasing an annuity which will deliver income over time.
The move is expected to see the economy flooded with money, as people cash in their pensions to by holidays, cars and invest in their homes.
CPA Survey results
The survey asked consumers whether they plan to invest in home improvement products in the next year.
Under half (36 per cent) said they plan to, with 64 per cent saying that they will not be updating their homes.
Jeremy Brett, Director at the CPA, comments: “It’s a well-known cliché that an Englishman’s home is his castle and this survey shows that people are willing to invest in their homes.
“OK the figure wasn’t more than half but when you consider the value of most home improvement products, this is a substantial amount of the property owning population that are willing to spend.
“What impact the pension reforms have had is difficult to tell but it is bound to release capital into the economy.”
Jeremy also said that an election that delivered a stable result and economy for the country would see confidence rise, and homeowner spending increase.
The survey also quizzed respondents on whether they carry out research before buying home improvements online.
An overwhelming 92 per cent said they did, with only 8 per cent saying that they don’t; revealing that home improvement companies that don’t have a strong online presence, will most likely be losing sales.
The CPA is recognised by consumers as one of the most trusted resources for finding accredited and vetted installers, to carry out home improvements such as double glazing, solar panels and general maintenance.
As well as Insurance Backed Guarantees and Deposit Protection; the CPA also offer its members a host of beneficial schemes such as marketing support; sales training help; and quarterly assessment reports that tell members what their customers think about the work they are doing.
Nadine Dorries MP visited the CPA earlier this year to discuss the work they are doing around consumer protection. Watch a video of her visit to the CPA.