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Just over a fifth (21 per cent) of British homeowners plan to invest in structural changes to their properties – such as the installation of a conservatory – in the next year, according to Sainsburys Bank.
Research by the financial services provider suggests that the average amount respondents plan to spend on their homes is £17,361, but almost a fifth (19 per cent) plan to spend more than £20,000.
Meanwhile, one per cent predicts their planned works will cost between £100,001 and £200,000.
A total of 1.2 million people plan to erect a conservatory.
Neil Laird, home insurance manager at Sainsburys Finance, comments: "In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold."
In related news, financial services firm Endsleigh recently advised consumers to make their home insurance provider aware of plans to undertake home improvements before doing so in order to avoid accidentally voiding their policies.