Recession hit property owners putting off spending money on their buildings, survey shows

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More than two thirds of owners in London are planning to upgrade their properties in the next year with some doing so in order to sell in expectation of an improved real estate market.

Almost a quarter though have no intention of spending money on their property in the next year because they are cash strapped due to the recession, according to a new survey.

Owners are split into three groups, according to the poll by property maintenance and refurbishment firm, Aspect Maintenance: those that intend to stay put for some time and make the most of their properties to live in, those that want to improve in order to sell and those that don’t want to spend money due to the economic climate.

Some 14% said they plan to sell their property in 2010 and will be carrying out upgrades to a high standard to help them to sell. More are wary though of spending money on their property with 24% saying the economy was putting them off.

‘The recession has had an enormous impact on the property sector, which includes the effect it has had on property maintenance and refurbishment firms operating within it,’ said William Davies, managing director at Aspect Maintenance.

‘Whilst it’s positive to see that homeowners plan to upgrade their properties, this seems to be purely down to the reason that they can not envisage the market picking up enough to warrant a property move in the next 12 months. They are therefore spending money and updating their homes,’ he added.

The firm was dismayed that so many property owners do not intend to update their properties. ‘It is imperative for homeowners to undertake regular property health checks. This will prevent unnecessary breakdowns, and will also help to avoid more major problems later on down the line,’ explained Davies.

‘If you are a property owner, then you shouldn’t delay the inevitable. Being prudent now is likely to save you money in the long term,’ he added.

 

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