Londoners bitten by springtime spending bug

Election uncertainty and talk of a double dip in the economy has done nothing to suppress the optimism of London home owners.

That’s according to new research out today which shows almost half of Londoners are planning to splash out on doing up their homes this year with a view to adding some value to it.

This spells good news for retailers in London over the bank holiday as well as the UK property market later in the year. More than half of the London based home owner said they plan to invest in improvements to their homes this year, compared with just under half (48%) across the rest of the UK.

Jace Tyrrell, from the New West End Company who commissioned the research, says: “Home retail took a hammering last year, with sales of furniture and home accessories falling off a cliff face for some retailers. Our survey highlights this, with almost half (42%) of homeowner respondents in London admitting to having put decorating and buying new furniture on hold due to the recession.

‘’2010 has shown some incredibly positive home sales and this survey of over 2,000 respondents from across the UK provided some startling results.  However, despite the bullish results of the survey, retailers are very much aware that shoppers to the high street need to be wooed and given added value for every pound they spend.’’

The research, released to coincide with the West End Home Week event over the May Bank Holiday when retailers hope to capitalise on the anticipated flood of shoppers expected to come into London’s West End, shows nearly half of the Londoners questioned (41%) said adding value to their home would be the reason behind any home investments.

For more information visit: westendlondon.com/home