View more on these topics

No gender battle when it comes to DIY, reveals Abbey

Research from Abbey has revealed that when it comes to our ultimate home improvements, one in ten of us would like a bomb shelter, with both men and women showing equal interest in this ultimate security system.  

It&#39s the younger generation who are the most keen, with 12% of people aged between 16 -34 adding this to their wish list for home improvements.

Standard home improvements such as double-glazing, new kitchens and new bathrooms, are still popular, but many are also turning their attention to more personal and individual improvements, for example:

* Outdoor rooms:  one in three want to have the garden landscaped, create a roof garden or build a balcony.

* Cocooning: home comfort is important, with just over half of us wanting a home cinema and gym, and 39% wanting a wine cellar.

* Nouveau naff: home improvements previously considered naff and beyond the pale are making a comeback.  Seventy per cent want a jacuzzi, hot tub or sauna, a third want a snooker room, including a quarter of women, and 30% want a bar.

However, despite the attraction to the nouveau naff, people still can&#39t get rid of their love affair with home designs of the past.  One in ten of us would lovingly restore the original features of a period home, right down to replacing plastic pipes with cast iron ones.  Women, more than men, prefer authentic home features, 38% vs 32%.

Spending money on larger home improvements is mainly an indulgence.  Almost as many people say they commissioned home improvements to satisfy their own individual taste, as much as increasing the value of their home or making it more re-saleable.

When it comes to increasing the value of property, women appear to have the keener commercial eye, with marginally more females than males stating that they commissioned home improvement to increase the property value or because it was cheaper than moving.

It appears that simple DIY has had its day and that the nation&#39s plans have become bigger and bolder in the pursuit for home improvement happiness.  Six in ten people who are planning to improve their home will be turning to the professionals rather than attempting the work themselves.

Cost is no longer the issue it once was, with the vast majority of people no longer interested in the &#39bodge it, just get it done&#39 approach.  Over 80% of people surveyed say they don&#39t mind spending more on home improvements to have the job done properly.

Angus Porter, customer director at Abbey, says: “With house prices still rising, many people cannot afford to move up the property ladder.  But many have access to equity in their own property, which can be put to good use by funding home improvements to re-vamp their home to suit their lifestyle.   

“The speed in which people can access the funds is important too, and Abbey can deliver funds to borrowers within 48 hours of application.

“Our average loan for home improvements is in the region of £20,000 and the most popular improvements being carried out are adding a conservatory, converting the loft, or building an extension. These improvements are also the best way of increasing the value of your home, compared with cosmetic improvements such as a landscaped garden or swimming pool, which may increase the desirability of the property, but are unlikely to ever recoup the investment made.”


Complete to use Home Buyer Systems IT solution

The Complete Network has chosen Home Buyer Systems as the IT solution for its mortgage network sales process, product sourcing and compliance monitoring activities. The Home Buyer Systems software provides a comprehensive MCOBcompliant sales process with a full audit trail for compliance monitoring , the prompting of follow-up actions and ongoing revision of CeMAP-related topics. […]

Guaranteed appointed to LighthouseLoan panel

Guaranteed HomeLoans has been appointed to the LighthouseLoan panel, to service Lighthouse Group advisers operating in the mortgage sector. Guaranteed HomeLoans, are one of the leading distributors of non-conforming mortgages in the UK, offering many niche and exclusive schemes for the Lighthouse Group to benefit from. Lighthouse says its expertise in placing the more difficult […]

Living in fear of mortgage default

Over a third of 25 to 34-year-olds say they will not be able to meet their mortgage payments over the next three months because they are overloading on debt. Consumer services firm CPP Group asked 2,000 people what they most feared not being able to pay in the next three months. Of young people, 38% […]

Brokers force Halifax to keep 10% paydown option

Brokers have forced Halifax into a humiliating climb-down over plans to scrap its 10% penalty-free paydown facility from all its fixed and tracker products. Sources tell Mortgage Strategy that Halifax was going to remove the facility from June 7, but was forced to drop the plan after protests from brokers and Halifax&#39s own sales managers. […]

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]


News and expert analysis straight to your inbox

Sign up