Current Press Releases
Cash-strapped Britons batten down the hatches…
Date
14 November 2011
Britons are battening down the hatches as the economic climate freezes and winter closes in. A survey carried out by Ipsos MORI to mark SPAB's 10th annual National Maintenance Week campaign (Friday November 18th - Friday 25th) suggests that homeowners today are making cautious and considered choices when it comes to spending and saving. SPAB was particularly interested to see that when it came to the value of their homes, people rated ‘fun' household spending on desirable interior features like décor and sparkling new kitchens and bathrooms significantly lower than ‘boring' (but essential) maintenance - 26% vs 58%!
This cautious, good-sense approach was emphasised by the fact that half of the homeowners questioned (49%) disagreed with the statement: "I often buy or do things I probably shouldn't, just to treat myself." In fact, over a quarter (26%) of all those questioned said that they have made a deposit into a regular savings account in the past month, and nearly a third of those who have done so (31%) say they are saving for ‘rainy day' expenses such as house repairs.
More than half of the homeowners surveyed (58%) believe that how well their property is maintained (eg the gutters, brickwork, roof, damp prevention etc) is one of the most important factors in determining the value of their property. More people cited good maintenance than factors including number of bedrooms, internal décor, up to date kitchen and bathroom fittings, the existence of a garden, garage or off-street parking. Only ‘area' scored more highly - but at 62%, only just!
Philip Venning, SPAB's Secretary says: "We were fascinated by the results. Not surprisingly, a new spirit of austerity is abroad. After years when many homeowners seemed to value style over substance it is apparent that the ‘bling' days of spending on highly visible home ‘improvements' like state of the art kitchens and bathrooms are behind us with more of us making sober, serious decisions about where our money really counts. For SPAB the survey shows that people have woken up to the fact that a well-maintained property is a key asset."
Even more encouragingly, when homeowners were asked if the current economic climate put them off spending money on maintaining or repairing their property, 59 % disagreed, (it's worth noting that 22% of them disagreed strongly). In effect, three in five respondents saw maintenance as an important investment. And half of those questioned (exactly 50%) felt very or reasonably confident about carrying out basic repairs to their property themselves. (Male owner occupiers are more likely than female owner occupiers to feel happy about carrying out most of the simple repairs and maintenance - 67% vs. 34%)
When it comes to keeping up appearances, the survey also suggests that in 2011 people are more likely to check the exterior of the properties than spend money on personal beauty and body treats. SPAB was interested to see that in the last month significantly more people surveyed (21%) had checked the outside condition of their home or made repairs to it, than bought or had a beauty treatment (11%) or visited the gym (17%). In addition, the fine old tradition of ‘keeping up with the Joneses' - in terms of purchasing covetable premium items - seems to be on the back-burner. While a quarter (26%) of all those surveyed made a deposit into regular savings account in the last month, just one in twenty (6%) splashed their cash on new television and just one in ten (11%) had bought/upgraded a mobile phone.
Philip Venning comments: "SPAB has organised National Maintenance Week for the last decade to encourage anyone who cares for a property - not just ancient ones - to take a few simple steps to ensure that it's ready for winter. Many people can tackle straightforward things like checking and clearing blocked gutters and drains themselves, but equally, our annual campaign is a timely reminder that, sometimes, calling in a professional to fix roof tiles or broken guttering can save money in the long run."
He concludes: "For us the survey shows that in this uncertain economic climate homeowners see their property as a key asset and they clearly view good maintenance as a way to help that asset keep its value. In fact we were amazed and very pleased to see that one fifth of all those surveyed had taken the trouble to check the exterior of their home for damage or made repairs to it in the last month. It's gratifying that our simple maintenance message is striking home."
Notes to editors
About the survey: Results for the survey are based on 1,005 interviews conducted face-to-face in respondents' homes between 21st and 27th October. The interviews took place among a nationally representative sample of adults aged 15+ across Great Britain. Data have been weighted to the known population. *Homeowners are defined as respondents who own their property outright or who have a mortgage. 655 of the 1,005 respondents were homeowners. All questions were asked on Ipsos MORI's national omnibus (Capibus). Information from the results showed that:
- One fifth (21%) of the British public have checked the exterior of their home for damage or repairs in the past month. The detailed result for this question showed that there are differences by age. People aged 35-44 (28%), 45-54 (30%) and 55-64 (25%) are significantly more likely to have done so than those aged 15-24 (4%), and 25-34 (15%)
- Three in five (58%) owner occupiers cited how well their house is maintained as an important factor to determining the value of their home.
- Male owner occupiers are more likely than female owner occupiers to feel confident carrying out most of the basic repairs and maintenance to their home themselves (67% vs. 34%)
- Three in five owner occupiers (59%) say they are not less likely to spend money maintaining or repairing their property in the current economic climate.
- Of the 26% of adults who have made a deposit into a regular savings account in the past month, a third (34%) have done so for a holiday, 31% for unexpected household expenses, 26% for retirement, 23% for Christmas/birthday presents, 16% for education, 10% for a new car, 5% for electrical household goods, 5% because it offers a higher interest rate, 3% for a house deposit, 3% for future unknowns, 2% to pay mortgage or loan, 1% for family, 6% for other. (5% were none of these/don't know)
- Of the 655 owner occupiers questioned three in five (62%) thought the area it's in was most important to the value of their property, 58% thought how well it was maintained is an important factor, 42% said size/ number of bedrooms, 26% said internal décor and how up to date kitchens and bathrooms were, 24% said external appearance, 19% whether it has a house or garden, 18% garage or off street parking, 4% none of these/don't know
- Among all people surveyed, 26% had made a deposit into a regular savings account in the last month, 25% visited cinema / theatre, 21% checked the exterior of their home for damage or made repairs, 17% visited to the gym, 11% bought or had a beauty treatment, 11% bought/upgraded their mobile phone, 6% bought a new TV
- When the owner occupiers questioned were asked if they bought or did things they probably should ‘just to treat themselves', 17% strongly agreed, 34% tended to agree, 29% tended to disagree, and 20% strongly disagreed. 1% didn't know
- When the owner occupiers questioned were asked if they felt confident about carrying out basic home repairs/maintenance jobs 23% strongly agreed, 27% tended to agree, 20% tended to disagree, 28% strongly disagreed, 2% didn't know
- When the owner occupiers questioned were asked if they were less willing to spend money on house maintenance or repairs in the current economic climate, 8% strongly agreed, 26% tended to agree, 37% tended to disagree, 22% strongly disagreed and 7% didn't know
The Society for the Protection of Ancient Buildings (SPAB) was founded by William Morris 125 years ago to care for and preserve the UK's architectural heritage. Since its foundation, SPAB has been committed to maintenance matters, in line with William Morris' exhortation to: "Stave off decay by daily care." Today it is a dynamic organisation, and registered charity (no. 231307), taking building conservation into the future. To find out more visit www.spab.org.uk and www.maintainyourbuilding.org.uk
For more information, please contact Kate Griffin, SPAB press office 0207 456.
