Britons to invest heavily in their homes

Posted : 26-06-2006

Homeowners in UK are to spend £116.9 billion on their properties in the next year, a new survey has found.

Increasing the value of their homes is the main motivating factor behind the expenditure of capital, according to credit card provider Capital One.

Those spending money on their homes believe they can add up to £10,000 to the value of their properties, the research discovered.

Justin Basini of Capital One Homeowner Loans said: "So many people are planning to improve their existing house instead of moving because of ambiguity over rising rates and stamp duty.

"Since most of this capital is to be funded through credit, it is necessary that people should shop around for reasonable rates."

Homeowners in Scotland are likely to spend the least amount doing up their properties, the survey revealed.

Poor weather in May was thought to be partly responsible for the market slowing slightly.

Households will bear the brunt of at least six disasters per lifetime, research from insurer Churchill has found, driving home the importance of home insurance.


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