B&Q owner cashes in as Britons improve homes rather than move

Kingfisher says people are staying put as mortgage interest rates and household bills soar

British consumers are continuing to spend on improving their homes and gardens as an alternative to moving home amid soaring mortgage rates and a surge in household bills, according to the owner of B&Q and Screwfix.

Sales at Kingfisher’s UK and Irish business rose 1.7% in the six months to the end of July as homeowners bought 11% more insulation materials at B&Q in an attempt to offset winter heating bills and were also revamping bathrooms and gardens.