Renovation ‘boom’ as Brits look to stay put

There has been something of a boom in home renovations as an increasing number of people look to improve their own property rather than buy a new one, according to a report from LV=.

Around 57 per cent of people have carried out some kind of home improvements in the past six months and around 15 per cent said they had done so with the aim of making money when the property market picks up.

The increase in renovations is believed to have been sparked by the fall in house prices and the view among many homeowners that relocating could cause debt management problems in months to come.

A spokesperson for LV= said: “Despite the challenging housing market and lack of affordable mortgages, we are still a nation obsessed with our homes and what money we can make on them.”

Vince Cable from the Liberal Democrat party told myfinances.co.uk recently that the housing sector slump will be dramatic than many people anticipate.

By Frank Charlton