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An increasing number of homeowners are adopting a mindset of improve, not move, the Daily Telegraph reports.
Industry commentator Nick Allen explains that television shows such as Grand Designs and Property Ladder have seen people take a more avid interest in improving their homes through investments such as conservatories and extensions.
He states that the figures suggest a move towards an increasingly prudent approach to spending, with the public less eager to shell out on costly consumer goods.
Mr Allen concludes: "Home owners are increasingly spending money on upgrading their properties – rather than frittering it away on luxuries like holidays and designer clothes – to counter the slowdown in the housing market."
In related news, industry commentator Donny Sheridan recently stated in the Sunday Mail that once consumers make the decisions to increase the size of their living space, the process is a "relatively simple" one to carry out.