CUTS in mortgage interest rates are being cited as a cause of a boom in business with home improvement retailers during the first three months of the year.
Homeowners in the region have responded to the recent reductions in rates by seeking to invest in improving their homes, according to a Teessidebased kitchen and bathroom supplier.
Paul Henderson, sales director of Court Homemakers, in Stockton, said the dramatic upturn in trade they have experienced during the first quarter is being replicated across the industry. He said: “We have seen our foot flow increase by 80 per cent in the first three months of this year. And this is a pattern that is being witnessed in many of the home improvement outlets in Portrack Lane.
All the car parks are unusually busy for this time of the year.
“It demonstrates that the reduction in interest rates, resulting in cheaper mortgages and loans, is encouraging people to go out and spend on improving their homes. Also, customers are spending more, with the value of orders also showing an upturn.
“People are obviously concerned about the economic situation, but they are encouraged by a fall in borrowing costs and are taking the decision to invest in improvements to their existing homes rather than entering the property market.”
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