Brits increase spend on landscaping, boosting property value
With thousands of Brits set to mark 2012 with sporting and royalty themed parties, a new survey has revealed that households will spend £3.9bn on sprucing up their gardens.
The annual HSBC Gardens Survey, published ahead of the Chelsea Flower Show, revealed that households will spend an average of £185 each on their gardens this year.
Households in the East Midlands (£253) and North West (£240) of England will spend the most, while those in Yorkshire and Humber (£112) and London (£124) will spend the least.
However, while spend on general improvements including landscaping has increased by 10% in the past year, households have cut back on ‘luxury' items such as barbecues and water features with spend down 67% since 2011.
Peter Dockar, Head of Mortgages at HSBC, said: ‘2012 is set to be a memorable year with many households holding garden parties. Britain has traditionally had a love affair with gardens but with households facing financial pressures, people have to make difficult decisions about where to spend their cash.
‘Budget for non-essential items has gone down in favour of general improvements, including landscape projects. Improving the general outlook of the garden can not only boost quality of life but also help to increase property value.'
The HSBC Gardens Survey also revealed:
Brits will spend an average of 95 days in the garden in 2012, including three days a week during the summer
Relaxing (72%) is the most popular garden activity
Over a third (38%) of households now use their garden to grow fruit or veg
Residents in the East Midlands and Wales are most likely to regard a garden as being a very important factor in their property choice