Brits favouring debt management over home improvements
Brits favouring debt management over home improvements
Tuesday 7th April 2009
The Easter bank holiday weekend is traditionally a busy period for home improvements in the UK, but the impact of the recession means that many people will be reluctant to pay for labour or buy tools and materials this year.
According to research from moneysupermarket.com, 43 per cent of Britons say they cannot afford to do up their house this Easter.
Meanwhile, 14 per cent intend to save money by adopting a DIY approach instead of hiring professionals.
Commenting on the findings, head of home insurance at moneysupermarket.com Steve Sweeney said: "As the recession continues to bite, people are looking for more ways to keep spending down.
"It is sad so many people cannot afford much needed improvements for their beloved homes."
He added: "With others planning to roll up their sleeves and get on with the job themselves, or more enterprisingly, rope family or friends into helping them do up their house, it seems Easter could be a busy period."
The survey found that four per cent of homeowners plan to ask their friends and family members to help with DIY projects.
According to the Daily Mail, industry analysts have claimed that DIY stores collect 40 per cent of their annual sales from the Easter bank holiday through to the end of May.
Recent statistics from Credit Action state that the UK's average household debt has reached £9,500 excluding mortgages.
News article brought to you by Debt1 - UK debt management specialists.
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