The firm has found that 60 per cent of new homeowners in the UK struggle to decorate and furnish their properties because of the amount of money they have spent in purchasing the home in the first place.

Furthermore, the study added that 51 per cent of Britons agreed that UK homes were becoming characterless because of the rise of similar property developments.

"Due to a housing shortage we are witnessing a new generation of development, where houses and apartments are increasingly standardised both inside and out," said More Than managing director Mike Holliday-Williams.

"The impact on the average home owner is two fold. Firstly, finding a unique property is more costly and difficult and secondly it often means that the new owners will have to spend more time and money personalising their homes to their own tastes," Mr Holliday-Williams added.

More than a quarter of Britons believe that they have added more than £5,000 to the value of their homes through their home improvement efforts over the past 12 months, according to a recent study from Halifax.