British homeowners are now willing to "invest a bit more in the long-term" for the duration of the credit crunch through improving their homes.

After almost a decade of uninterrupted growth, house prices across the UK have started to decline, prompting many people to put off home moves and look to offset falling equity values with improvement projects.

As such, new research from Zurich Insurance has found that Britons have spent a collective 1.5 billion on DIY projects over the last year alone.

Jason Orme, editor of Homebuilding and Renovating Magazine, explained: "Two or three years ago people were just looking to change houses every couple of years to get the house that they wanted to, but they are willing now to invest a bit more in the long-term of their house.

"They think the housing market will return in maybe five years rather than being able to make a fast buck every six months."

Given that the Zurich study found that the average cost of a DIY mishap stands at 280, with many spending more than 2,000 on fixing their mistakes, homeowners would be well-advised to invest in safe storage before they carry out any work.

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