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DIY boom &#39confirms confidence in property market&#39

Nearly half the population plan to spend money on home improvements in the next three months, suggests research by Alliance & Leicester.

The findings go a long way to dispel the notion that Britons have lost confidence in the property market, according to the bank.

It says the latest figures from its Movingimproving index indicate that homeowners are staying put but investing record amounts in DIY improvements.

Gloomy sales figures from mortgage lenders have suggested that the recent global economic crisis has contributed to a reduction in homebuyers&#39 confidence but A&L&#39s index shows the money is being invested instead in people&#39s current properties.

Just under half of the 4,000 people questioned for the survey said they intend to carry out some sort of DIY during the autumn months. Londoners are planning to spend an average of £1,505, which is more than the average elsewhere in the country.

People in their 40s are leading the trend, with 63 per cent of respondents intending to do some DIY compared with only 20 per cent of 16 to 19-year-olds.

Marketing manager (mortgages & insurance) Geoff Mozley says: “Our new findings suggest that the financial aspect of owning a home cannot simply be based on tracking homebuying interest.

“The fact that during this period of reducing home purchases a record number of people are investing in their current home suggests that people still see the financial value of owning a home.”

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