Brits will

The British tradition of purchasing a home in which to live rather than renting one is unlikely to change given the current economic climate, it has been suggested.

Stephen Ludlow, director of residential property agent Ludlowthompson, explains that many people see property as their biggest accumulator of wealth, rather than pouring money into pensions or other investment vehicles.

Other factors that may make purchasing a more attractive option than leasing could well include the fact that owners can possibly carry out major renovations and improvements – such as the installation of a conservatory or a kitchen extension – on their own property than one which is rented.

In related news, a study carried out by building firm Ironmongery Direct in recent days suggests that homeowners are increasingly looking to make quality improvements to their properties – such as the installation of a kitchen extension – as a result of the impact of the credit crunch.