Families drive trend to invest in kitchens
Parents wanting to spend more quality time with the kids are driving a massive trend in investing in kitchens, with an average spend of £14,000, according to new research released today by Standard Life Bank.
The flexible mortgage specialist found that almost half of parents (45 per cent) had fitted a new kitchen in the last five years, while a further one in four (23 per cent) were planning to renovate in the near future. One in six parents had also extended their kitchen in the last five years (17 per cent) and a further 11 per cent were considering an extension in the near future. Half of all parents (49 per cent) said that having a place to spend time with the family was a key motivation for improving their kitchen. Other reasons were creating a practical family space and investing in an asset to sell that would help to sell their house. Kirstie Allsopp, of Location, Location, Location, said: "People are getting rid of their formal rooms to give them more space for kitchens. Despite what people say about families crowding around the TV to eat supper, most homeowners want an eat-in kitchen where they can cook and entertain and where their children can do their homework. And they're not just investing in a new kitchen, they're also spending money on flooring, work surfaces and extending the kitchen - often to bring the garden into the home." Andrew Boddie, Head of Marketing at Standard Life Bank, said: "With 40 per cent of parents saying the kitchen is now the central hub of the home, we're seeing increasing numbers of people speaking to us about using their flexible mortgages to fund kitchen improvements. According to parents across the UK, the kitchen is where their children do their homewor4, entertain their friends and the place for parents to eat an evening meal with their offspring." Standard Life Bank's internal data shows that approximately 60 per cent of people who use its Cash Reserve facility to draw down on their mortgage (borrowing at mortgage rates) do so to fund home improvements. Financial News Feeds provided by OneCompare.com
Date published: 10/22/2004 2:40:20 PM
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