Homeowners investing in home improvement set to increase
The number of homeowners carrying out DIY installations and home improvements is set to increase over the course of the next few months, according to a new report from the Council of Mortgage Lenders (CML).
Figures from the mortgage finance experts have shown that people are increasingly choosing to improve their current properties rather than move home, due to a halt in mortgage lending and the increasing difficulties of obtaining mortgage finance.
As a result, home improvements such as installing underfloor heating, retrofitting and outside extensions are due to become much more popular in coming months.
When coupled with the arrival of warmer weather and long summer evenings, which will further facilitate DIY work, these trends will likely become more apparent in neighbourhoods across the UK.
As soon as the economy shows less volatility and more signs of stabilising however, the CML predicts that homebuyer activity will pick up again.
