Homeowners 'cutting kitchen budgets'
UK property owners planning to update one of the moist important rooms in their home - their kitchen - are finding it difficult to find the funds to do so.
Oliver Kearin, managing director at the Freestanding Kitchen Company, said difficulty in funding projects after individuals have already moved into a property has meant people are having to rein in their home improvement ideas as banks remain unwilling to lend in many instances.
He commented: "We regularly see people coming to us having had expectations of a £40,000 or £50,000 kitchen and we are doing them for £10,000 or £15,000. Banks just aren't prepared to lend that last amount of money to buy the kitchen."
However, Mr Kearin noted people are still getting top-quality kitchens, it just means they are having to do so on a tighter budget.
According to a recent YouGov poll on behalf of Countrywide, UK property owners spend £7,500 on average in carrying out home improvements within the first two years of moving into a new property.
Robert Scarff, managing director of the estate agency division at Countrywide, noted many people will factor these budgets into their home-moving costs and therefore it is unsurprising that Brits are spending so much to create their perfect home within the first few years of living in a property.
As a result, he advised anyone planning to relocate to factor in any costs such as kitchen or bathroom improvements when initially contacting a lender, as they will be more receptive to their ideas at this point, especially if the work will add value to the property.
The news follows recent comments from a spokesman for Handmade Kitchens and Furniture, who claimed there is a growing trend for UK homeowners to embrace more traditional kitchen designs when carrying projects on this area of the house.
"[Property owners] are willing to spend a certain amount, but they want it to be a quality product," the representative added.
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