Friday, November 24, 2006
Category:
Home Improvements
With relatives and friends likely to pay a visit during the festive season, it seems people are getting ready to show off their properties.
Low key cosmetic improvements such as decorating or painting seem to be the most common on the agenda of home improvements to be completed in the run up to Christmas. On average £1,426 is to be spent on properties over the next few months, showing the highest figure this year, a 10 per cent increase since last year, according to the Alliance and Leicester Mortgages movingimproving index.
Findings show that nearly half of people in the UK are planning to spend some money on DIY in the run up to Christmas with the most popular home improvement jobs involving decorating. 30 per cent of people plan to smarten up their homes with purchases such as new carpets, curtains or furniture. Paul Cooper, Head of Mortgages at Alliance & Leicester commented that, “While Brits are preparing to lavish money on their homes, it seems they are cannily opting to spend more on outward or cosmetic appearances with decorating or painting, rather than costly tasks, such as a new kitchen or bathroom, so close to Christmas.”
According to research, those in their 30s and couples are the UK’s biggest spenders on home improvements. They tend to spend on average more than those who are single and those over 60. Findings have also shown that people in Yorkshire and Humberside have spent 16 per cent over the national average on DIY with an average of £1,649 this winter. This increase shows that with family and friends likely to pay a visit during the festive season, people are keener to make an impression with their property with mostly low key cosmetic improvements.
Paul Cooper, Head of Mortgages at Alliance & Leicester said, “This ‘keeping up with Joneses’ approach is quite compelling. Whilst the Christmas period plays a big part in this, the interest rate rises in the last year may have encouraged homeowners to focus on their own properties until rates stabilise rather than purchase a new home.”
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Home owners wishing to carry out
home improvements in the run up to the festive season may benefit from taking out a secured loan. This could provide them with the funds needed to carry out essential DIY. Simple home improvements are an easy way to increase a property’s value. Usually available for up to 100 per cent of a property’s current value, minus any outstanding mortgage balance, a secured loan can be repaid over a term to suit the borrower, usually 5 to 25 years.
