Direct Line Loans shows home improvements add value to housing market
www.moneynews.co.uk > Housing market > Direct Line Loans shows home improvements add value to housing market
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Direct Line Loans shows home improvements add value to housing market
Tue 17th May 2005
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Direct Line Loans has released figures showing that £85.6 billion is being added to the value of the UK's housing stock solely due to home improvements.
The loans company has launched a Home Enhancement Monitor, which shows that UK homeowners spent a total of £58 billion on improvements to their home in the last year, making a national profit of £27.6 billion.
The thirst for home improvements is not slackening either, with three quarters of UK homeowners reportedly planning to make changes to their property in the next year - three times as many as in 2003.
Anthony Rafferty, commercial director of Direct Line Loans, said: "It seems that there has been no let up in the trend for home improvement and as a result people are looking at different ways to fund the work.
"Our findings show that homeowners are planning to pay for their property makeovers in a variety of ways - many people are going to dip into their savings to make changes, almost one in ten are going to finance the improvements with a personal loan and four per cent are intending to re-mortgage."
Properties in the Midlands saw the biggest increase in value as a result of home improvements with a predicted growth of £20.1 billion.
Housing in the south-east saw an estimated increase of £13.5 billion whereas Wales with £4.4 billion, and the north-east with £4.1 billion experienced the smallest predicted rise in property prices.
Related News : Housing market |
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Related News : Direct Line |
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