Britons `looking to home improvements to beat slump`
Filed Under (Debt Problems) by admin on 03-05-2009
New research from Unbiased.co.uk has suggested that a quarter of British population are looking to make `substantial` home improvements this year.
According to the research, more than one in ten homeowners are currently saving up so that they can afford their home improvements. Meanwhile, 5% of 18-34 year olds are planning to take out credit to finance the work.
Two thirds (66%) of those looking to make home improvements this year were simply looking to make their homes `look and feel` as they wished, while 8% were looking to add value to their property.
The average home has suffered a significant loss in value over the past 18 months due to the housing market slump, with many homeowners falling into negative equity – when their mortgage debt exceeds the value of their property.
A spokesperson for collection Gregory Pennington said: “Home improvements can be a good way of increasing the equity in a property, but homeowners should be careful to ensure that the increase in house value give by will justify the cost of the improvements.”
Gregory Pennington offer debt management plans as well as a dispose in order of other debt solutions. If you are worried about debt, junction one of our expert debt advisers now.
Similar Posts:
- More mortgage debt taken into retirement
- Energy suppliers `overcharging customers`
- Consumers could clear debts with disposable income
- Britons avoid debt by `cutting up` credit cards
- Personal insolvencies `to rise by 40%` with Debt Relief Orders
