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Consumers Planning Home Improvements
By Abbi Rouse
More than a fifth (21 per cent) of homeowners plan to make significant structural improvements to
their home in the coming 12 months, a new study from Sainsbury's Bank has suggested.
The group notes that the slowdown in the housing market may be having a marked effect on people's
home improvement plans, with many looking to boost the value of their home rather than risk moving.
And it seems people are willing to spend large sums to add equity to their current property, with an
average home refurbishment spend of 17,361 pounds for those planning to make improvements. Of
those intending to embark on such projects nearly a fifth (19 per cent) said they intended to spend
more than 20,000 pounds.
For those looking to find an effective way to fund substantial property renovation, taking out a home
improvement loan may be of assistance. In choosing this sort of loan, consumers may find they have
the necessary capital to hire professional tradespeople to make sure the job is done right, thereby
reducing the risk of making a home insurance claim.
Doing so may be of particular interest to the one per cent of respondents who said they intend to spend
between 100,000 and 200,000 pounds on major refurbishment and structural development to their
property in the coming year. Regardless of overall spend, Sainsbury's urged all homeowners to check
with their insurer before commencing work that will affect the structural layout of thei