British parents add value to children's homes

Posted: 02 Oct 2006 08:55:48 GMT

            Property News - British parents add value to children's homes

Parents in the UK have provided billions of pounds worth of free DIY to their children over the past five years.

Parents in the UK have added around £33.4 billion worth of extra value to the homes of their offspring over the past five years, a new survey claims.

Two thirds of young people polled by Halifax Home Insurance (63 per cent) admitted to calling on their parents for help with home improvements and one in three (30 per cent) said that they would turn to their parents to avoid the costs of hiring trained professionals.

The study estimates that UK mums and dads have provided around £14 billion worth of free labour to their children over the past five years, partly because the younger generation does not have the time to learn the skills needed to do up their own homes.

More than £6 billion a year is added onto the worth of homes in Britain by the hard work of mothers and fathers keen to share their skills, with parents donating an average of eight days free DIY to their kids over the past five days.

A whopping 53 per cent of those quizzed said they sought parental help because they did not have the requisite skills to do jobs themselves, while 36 per cent said they did so because they did not have the time themselves.

Martyn Foulds, senior claims manager at Halifax Home Insurance, said: "It's great that parents are so keen to help their offspring increase the value of their homes. It's no secret that, if done well, even basic cosmetic tasks such as redecorating can add significant value to a property."

With many young people struggling to get a foot on the property ladder, those with DIY skills to hand can benefit from lower prices for property that requires work, often allowing them to enter the market earlier.

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