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Britons keen to improve homes

Britons keen to improve homes

Category: Mortgages

Updated: 30/04/2009
First Published: 29/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A quarter of Britons are set to pick up their DIY tools this year in an effort to increase the value of their homes.

While the mortgage market has shown some tentative signs of recovery, house prices are still historically low. As a result, 25 per cent of homeowners are planning to sink money back into their property by making significant improvements.

Of those planning for a summer of DIY, two thirds said they were doing so to make their homes look as they wish, while eight per cent are eyeing an increase in the value of their property, according to unbiased.co.uk

People in the 18 to 34 year old bracket are most likely to invest money into their homes with property value in mind; 17 per cent cited this as their main motivation.

"It is encouraging to see not all homeowners are allowing themselves to be beaten by the downturn," said Richard Winder, spokesperson for the website.

"Many are turning their attention to the house they're in and planning substantial home improvements this year, which could potentially add monetary and aesthetic value to a property."

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