Home improvement bill in the region of £48 million.
The state of Britain’s houses has been highlighted by the Halifax Press Office. Figures show that the country will be facing an estimated £48 billion collective repair bill due to houses not meeting basic standards of heating or thermal comfort. During the survey the state of repair of a number of crucial building components including walls, windows, doors, chimneys, electrics and heating systems were assessed. Included also in the survey was if a property had modern facilities and services and the degree of heating and insulation, were also determined in the survey.
A staggering seven million homes in England do not meet the basic standards of ‘decent’ accommodation according to the EHCS (English House Condition Survey). The £48 billion repair bill is based on the premise that to bring each home up to the standards of decency would cost around £7,200.
With the average annual household spending on home improvements for the United Kingdom, according to the ONS Family Spending 2004 edition, standing at £1,612 it translates to 5.2% of total spending on housing and household goods. Collectively Britain spent £17 billion in 2004 on home improvements, which compared to the £48 billion repair bill, means that the cost for repair outweighs the spend.
Tim Crawford, Halifax Group economist, commented, “The majority of the homes that don’t meet decency standards, are actually owner occupied, highlighting the importance of helping these homeowners find affordable ways to make the repairs and improvements necessary.”
For homeowners wishing to fund home improvements a secured loancould provide the required finance to carry out the work, increasing property value in the long term and improve standards of living. Home improvement loans allow you to extend your property, add a conservatory or build the dream kitchen you’ve always wanted. Subject to status, you could borrow from £10,000 to £100,000, in the form of a secured loan, allowing for home improvements that will create a perfect living space.
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