News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• May 2012
• April 2012
• March 2012
• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011

Newsletter

Brits 'turn to home improvements'

By Jonathan Dawes, Mon 30 Jun 2008 - Published in Mortgages

As experts report that 100 per cent loans for homebuyers are virtually impossible to come by, many British homeowners are giving up on selling their properties and deciding to renovate instead, a new survey has revealed.

Research by LV= has found that one million homes are set to receive facelifts over the coming year.

The average amount that will be spent on such improvements is £5,249.

Some 57 per cent of Brits have already carried out improvements over recent months or are planning to get started soon.

Of these, 14 per cent say they are doing it because they cannot afford to move and 15 per cent say they want to increase the value of their property for when the market recovers.

Emma Holyer from LV= said: "We are still a nation obsessed with our homes and what money we can make on them."

In related news, a survey by Paragon Mortgages has revealed that half of landlords think tenant demand will increase within the next year.