12 June 2007
Research from Halifax has revealed that the majority of secured loans are used to fund activities like building extensions, converting a loft or paying for reconstructive work on the house.
DIY jobs were carried out by 58% of homeowners in the past year, with a quarter of those doing so to improve the value of their house. Most expected to increase the cost of their home by 5,000.
Around half of those who carried out projects on their home cited 2,500 being spent on the job, but for 11% of DIY-ers, the costs rose in excess of 10,000 - making them more likely to consider a low-rate secured loan.
"Home improvements are becoming more popular with people looking to add value to their home and improve saleability," explained Phil Jenks, Head of Mortgages at Halifax.
"Whilst DIYers continue to favour the more simple home improvements, such as redecorating, there are also signs that people are beginning to view their gardens as an extension of their home and are investing more time and money in improving the outdoors as well as the indoors."
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.