Latest news

16% to spend money improving home over bank holiday weekends

Research by moneysupermarket.com has revealed that 16% of Britons will be spending money improving their home over the two bank holiday weekends.

And further research has shown that one fifth (19%) of UK homeowners will be taking on debt in the near future to make home improvements. The website also found that 21% of homeowners have taken on debt in the past for `necessary` home improvements, with the average loan taken out worth £14,037.

On average, people living in the West Midlands were found to have spent the most money funding their home improvements using a loan (£29,586), while residents of Scotland had spent the least (£6,305).

A spokesperson at the IVA Advisory Centre commented: "Taking on debt to improve a home can be a good idea - providing the improvements add to the value of the property and/or make it a better place to live in.

"However, as with any debt, it will have to be repaid. That`s why it`s important for borrowers to only take out a loan they`ll be able to repay - and if they ever run into difficulties repaying the debt, they should seek professional debt advice immediately."