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Home Improvement – Who Is Paying?

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Aug 27 2003

Figures released by the Federation of Master Builders (FMB) indicate that home improvements in the UK are being funded by homeowners remortgaging their properties. Figures from the Council of Mortgage Lenders (CLM) confirm this trend with 89% of remortgagers spending their equity on home improvements, as compared with 12% using the money for a holiday, new car or household goods and appliances.

Almost half of homeowners surveyed were undertaking building work costing moire than £30,000. Sixty percent were increasing living space, with four out of ten adding an extension whilst the rest opted for conservatories or loft conversions.

Source: FMB

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