Many homeowners are opting to hold on to their properties for a longer period of time, an expert has stated

Chris Martin, an architect at theHousePlanner, said the economic downturn means people are less likely to put their homes on the market.

This, he continued, is leading to many looking at ways of improving their property and adapting it to suit their current needs.

Mr Martin added that the current downturn in the British economy could in fact work in the favour of homeowners.

He commented: "The toughening economic climate means that architects and builders will price jobs more keenly."

In addition, he suggested that a fall in the overall number of orders could lead to property owners getting the work carried out more quickly.

Meanwhile, new government figures have revealed that average house prices in the UK fell by 5.1 per cent during the year to September 2008.

Related posts:

  1. Affordable housing ‘will prop up British economy’
  2. Homeowners ‘should be realistic about prices’
  3. Landlords advised to consider decorations
  4. Landlords plan to buy bargain properties

Leave a Reply

You must be logged in to post a comment.