Latest victim of credit crunch exposed

Nearly half of people (43 per cent) cannot afford to pay for improvements to their homes this Easter, according to new research from moneysupermarket.com.

The survey by the UK's leading price comparison site found despite homes needing maintenance work, a quarter of homeowners cannot afford to repair their homes, while one in seven (14 per cent) are resorting to undertaking the DIY themselves in order to save money. A cheeky four per cent will be asking friends or family to do their home improvements for them because they cannot do it themselves or pay for the work to be done. Interestingly, DIY is not a hobby most Brits enjoy with only nine per cent of people saying they will be doing their own DIY because they like it.

Steve Sweeney, head of home insurance at moneysupermarket.com said: "As the recession continues to bite, people are looking for more ways to keep spending down. It is sad so many people cannot afford much needed improvements for their beloved homes. However, with others planning to roll up their sleeves and get on with the job themselves, or more enterprisingly, rope family or friends into helping them do up their house, it seems Easter could be a busy period.

"For those looking to make home improvements themselves to save money, I would advise they ensure they are comfortable with any work they choose to carry out, especially those working without help or guidance from someone with relevant knowledge or experience. It is vital to check the small print of their policy in case of any DIY disasters because unless they have accidental damage cover, their DIY mishap may not be insured."

The research also found that those living in the North-West and Northern Ireland are feeling the pinch the most, with 27 per cent and 29 per cent respectively saying that they cannot afford to improve their homes. To add to this, those in their 30s seem to be being hit the hardest, with a third (33 per cent) unable to repair their house.