This suggests it continues to be the season when people are keenest to get stuck into a renovation project.
The mortgage and secured loans broker has revealed that 15% of all the enquiries it received during March were for home improvement loans. This is an increase from the 10% recorded between January and February, and suggests that the arrival of spring has fuelled people’s plans to make over their homes.
Spring has always been the traditional time to get stuck into a spot of DIY in the UK. The Easter break followed in quick succession by two May Bank Holidays means most workers have more time to spend on improving and renovating their properties.
A survey conducted for Ocean Finance in May last year revealed that two-fifths (41.8%) of respondents planned to carry out home improvements over the next 12 months. The most popular job was decorating one or more room, with 69.1% of DIY enthusiasts revealing they had this project planned.
Installing a new bathroom suite (17.46%), fitting a new kitchen (16.51%) and laying a drive (8.49%) were also on the list of jobs home improvers were considering. All of these jobs are practical improvements that could not only make a property more accommodating for the household living there, but might also increase its value.
Spokesman for Ocean Finance Ian Williams says:
“With house prices on the rise across much of the UK, homeowners are once again considering remortgages or secured loans as a way of releasing equity to fund home improvements.
“The cost of moving house can be substantial – especially if you are over the Stamp Duty threshold, so improving or extending your home can be an extremely cost-effective option.”
