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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.

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Will household debt really rise by £68bn this year?

According to the Office for Budget Responsibility (OBR), household debt is likely to increase by £68bn this year as people take on more debt to maintain their living standards in the face of high inflation.

Not everyone agrees, however. In its `Market commentary` published yesterday, the Council of Mortgage Lenders (CML) made a few points about this.

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Getting a mortgage `will be tough` until 2014

Low consumer demand and mortgage providers` lack of funds are `hindering the mortgage market`, an article in the Guardian has reported.

Analyst Datamonitor has said that many UK consumers will find it hard to secure a mortgage this year, and may even have to wait until 2014 for the process to become easier.

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Editorial Team