Brits going DIY mad
British homeowners are embracing DIY and successfully increasing the value of their properties, new research has found.According to a study undertaken by Halifax, 58 per cent of homeowners have undertaken some kind of home improvement project over the past year, an increase of 12 per cent on the previous year.On average, Britons are adding £5,000 to the value of their properties, with half of those who have carried out improvements having spent less than £2,500 on such work.Commenting on the trend, Phil Jenkins, head of mortgages at Halifax, said: "Home improvements are becoming more popular with people looking to add value to their home and improve saleability."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," he added. In addition to the financial benefits of home improvements, the study also found that increasing numbers of homeowners are undertaking projects to make their properties more environmentally friendly, with the issue of climate change growing as a priority.
Share this..
Related stories
House prices down 2.5% in March
The average property declined in value by 2.5 per cent during March, according to the latest house price report from Halifax. This is the highest rate of decline noted by the lender's survey since September 1992 when prices slumped by three per cent. The decline in March follows a fall of 0.4 per cent in February and means that prices have slipped one per cent during the first quarter. Meanwhile,...
Read MoreSub-prime mortgages withdrawn in credit crunch
Potential homebuyers are set to find it ever harder to enter the housing market as a result of providers withdrawing sub-prime products from their portfolios, it has been predicted. Research conducted by price comparison site Moneyfacts.co.uk has found that the number of lenders offering sub-prime products has dropped from 32 to 20 in the last 12 months. Meanwhile, the number of mortgages availabl...
Read MoreDow Jones breaks 13,000 barrier
The Dow Jones industrial average broke through the 13,000 barrier for the first time in its history yesterday.Solid quarterly results from several US companies helped boost stocks, with personal care giant Colgate-Palmolive and soft drinks firm PepsiCo among those announcing higher earnings.While strong company performances helped allay fears that a weakened US housing market might hamper consumer...
Read MoreMetro Bank opens doors in UK
The first truly new retail bank in the UK opened its doors yesterday when US billionaire Vernon Hill launched his vision for the future of UK banking in the shape of Metro Bank. The company will offer retail hours, "unparalleled service" and a range of products which the company believes will be suitable for everybody in the UK. However, it is the pledge that it will take only 15 minutes for custo...
Read MoreCan we expect a reduction in UK VAT?
The Centre for Economics and Business Research has come forward with a very interesting idea to help refloat the UK economy and put money back into the pockets of consumers. The Centre is suggesting a five-point reduction in the rate of VAT in the UK bringing it down from 17.5% to 12.5% for a two-year period. This is the first time a reduction in VAT has been suggested by a serious economic party...
Read More