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Personal savings 'used to fund home improvements'

The National Home Improvement Show carried out the studyHome improvement work is often solely funded by personal savings, a new poll has revealed.New research has revealed that almost two thirds of home improvements in the UK are backed by savings.

According to the poll conducted at the National Home Improvement Show, 62 per cent of renovation projects such as loft conversions or conservatory installations are generally paid for through personal accounts.

However, Michael Holmes, editor-in-chief at Real Homes magazine and presenter of Channel 5's I Own Britain's Best Home, claimed that this can be difficult as the average project tends to go over budget by around 30 per cent.

"As belts tighten and the ability to secure additional finance to pay for unexpected expenses remaining reduced, home-improvers need to be aware of how to stick to a budget and keep costs down," he explained.

The expert added that people should invest in good designs, get the best quotes possible and borrow cost effectively.

Recent research by Co-operative Bank Mortgages found that 27 percent of people who are looking to move want more space, which means those planning extensions could benefit in the current climate.

Written by Liam CassADNFCR-2394-ID-19357602-ADNFCR

Article Added: 11/09/2009 15:45:56
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