Britain's home improvers in search of value
A quarter of Brits are planning to make substantial improvements to their home this year
Over one in ten homeowners are currently saving up to afford their home improvements
5% of 18-34 year olds are planning to take out a loan or use a credit card in order to pay for home improvements
Find an IFA at Unbiased.co.uk to discuss your personal finance options
Research* from the professional advice website, Unbiased.co.uk reveals a quarter of British homeowners (25%) are planning to plough money back into their property by embarking on substantial home improvements this year.
With house prices lower than they have been in several years, Unbiased.co.uk’s research shows that homeowners are determined to beat the slump by improving the home they’re currently in. Over one in ten homeowners (13%) said they are saving up in order to cover the cost of their desired home improvements. Two thirds (66%) of those wishing to make home improvements this year are doing so simply to make their home ‘look and feel’ as they wish. 15% are looking to make more space for their family, while 8% want to add value to their property.
Among the 18-34 year old age bracket the home improvements sentiment wavered more towards wanting to add value to the property, with nearly a fifth (17%) attributing this as their motivation for wanting to improve their home. However, a worrying 5% of this age group plan to finance their renovations through credit cards or loans.
Despite many Brits having the home improvement bug in the current climate, it seems not all homeowners are in a position to shell out these costs. Nearly a third (28%) said they’d like to improve their home but simply wouldn’t be able to pay for it.
Richard Winder, spokesperson for the Unbiased.co.uk ‘find an IFA’ service, comments: “As the housing market continues to show no solid signs of recovery, many consumers may be put off buying or selling a property. It is therefore encouraging to see not all homeowners are allowing themselves to be beaten by the downturn. Many are turning their attention to the house they’re in and planning substantial home improvements this year, which could potentially add both monetary and aesthetic value to a property.
“However, we would urge anyone planning to invest significant sums of money into their home to seek advice on how best to finance these renovations in the current climate. Those who are currently considering their options should seek professional advice from an independent financial adviser.”
ENDS
For further information on Unbiased.co.uk, the professional advice website please contact:
David Elms / Richard Winder | Anna Schirmer/Jennifer Comerford/ Anna Moulds |
Unbiased.co.uk | Lansons Communications |
020 7833 3131 | 020 7294 3682 |
Notes to Editors
Unbiased.co.uk, the professional advice website
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice.
The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.
IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer.
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