Britain's home improvers in search of value

A quarter of British homeowners (25%) are planning to plough money back into their property by embarking on substantial home improvements this year, according to research from Unbiased.co.uk.

With house prices lower than they have been in several years, Unbiased.co.uk's research shows that homeowners are determined to beat the slump by improving the home they're currently in. Over one in ten homeowners (13%) said they are saving up in order to cover the cost of their desired home improvements. Two thirds (66%) of those wishing to make home improvements this year are doing so simply to make their home ‘look and feel' as they wish. 15% are looking to make more space for their family, while 8% want to add value to their property.

Among the 18-34 year old age bracket the home improvements sentiment wavered more towards wanting to add value to the property, with nearly a fifth (17%) attributing this as their motivation for wanting to improve their home. However, a worrying 5% of this age group plan to finance their renovations through credit cards or loans.

Despite many Brits having the home improvement bug in the current climate, it seems not all homeowners are in a position to shell out these costs. Nearly a third (28%) said they'd like to improve their home but simply wouldn't be able to pay for it.

Richard Winder, spokesperson for the Unbiased.co.uk ‘find an IFA' service, comments: "As the housing market continues to show no solid signs of recovery, many consumers may be put off buying or selling a property. It is therefore encouraging to see not all homeowners are allowing themselves to be beaten by the downturn. Many are turning their attention to the house they're in and planning substantial home improvements this year, which could potentially add both monetary and aesthetic value to a property.

"However, we would urge anyone planning to invest significant sums of money into their home to seek advice on how best to finance these renovations in the current climate. Those who are currently considering their options should seek professional advice from an independent financial adviser."