Brits splashing out on home improvements

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A large proportion of Brits are intent on spending significant sums of money making home improvements this year, according to new research.

A survey by Capital One Homeowner Loans has found that 1.8 million homeowners in the UK are set to spend over £10,000 this year on enhancements.

The British public as a whole is set to spend £5,478 per person on home improvements this year.

Adding value is the most popular reason for making the changes, with many people hopeful of adding over £10,000 to the value of their homes through improvements.

However, nagging from other halves and attempts to keep up with friends and neighbours also factor highly as reasons for getting the tool kit out.

"With stamp duty and the uncertainty over rising interest rates, its understandable that so many people are looking to improve their existing home instead of moving," said Justin Basini of Capital One.

People in the Midlands are expected to spend the most on their homes this year, with some four million people set to invest £8,911, while Scots are most likely to keep their homes the way they are.


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