Mortgage holders seek DIY improvements

The growing fascination with DIY looks set to grow as ever increasing numbers of mortgage holders make improvements to make their homes more valuable.

Halifax figures show that nearly 25% of homeowners who carried out DIY in the last year do so in the hope that it would help increase the value of their home.

In addition, over 50% of those that did DIY believe that their work could add up to £5,000 to the value of their property.

The Halifax research found that mortgage holders think that refurbished kitchens and extensions are the most valuable changes that you can make to a property.

Patrick Sawdon of Halifax Valuers, said: “Our research shows that Britain has become a nation of movers and improvers. It’s great to see that so many people are investing time and effort in improving their home.”

However, he also warned that major alterations to your property could end up harming its value rather then helping it. He stated that consulting with professionals is the best idea in such circumstances.

Gus Parks of Bradford & Bingley subsidiary Mortgage Express said that the bank had funding from a £2 billion mortgage book sale before the current crisis, but could suffer if the low level of demand for mortgage-backed securities continued in the longer term.

A spokesman for Alliance & Leicester also denied that recent increases in its near-prime rate were related to its borrowing costs.