May 2012
Featured in this insight: Climate change & environment, Environment & sustainability, Financial services
HSBC survey reveals changing British budget for garden enhancements: The annual HSBC Gardens Survey has shown that despite the woeful economic climate, British homeowners are increasing their spend on landscaping to boost their property’s value.
In total, the nation will outlay £3.9bn on their gardens in 2012 – this equates to each homeowner spending an average of £83 on garden improvements this year, including landscaping, which represents a 10% increase from 2011.
This figure increases to £148 in both North West and South West England, while London lags behind at just £20, since many householders in the capital can only dream of having a large garden.
In contrast to a general increase in landscaping however, Britons are tightening their budget when it comes to the garden as a whole compared to 2011. Garden accessory spending such as BBQs and water features is now just £27 (down 67%), general maintenance is now £37 (down 47%) and adding greenery including plants and flowers has dropped to £39 (down 47%).
The survey also found that while 72% of respondents said relaxing is their most popular garden activity, over a third of households at 38% now use their garden to grow fruit or veg.
Head of Mortgages at HSBC, Peter Dockar, commented: “The UK has traditionally had a love affair with gardens, but with households facing financial pressures, people have to make difficult decisions about where to spend their cash. The survey reveals that spend on non-essential items has gone down in favour of general improvements, including landscape projects. Improving the general outlook of the garden can not only boost quality of life but also help to increase property value.”
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