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Homeowners in London spend up to £50K on home improvements

Created: 09/05/2016

According to building society Nationwide, those living in London are more than likely to spend up to £50,000 on home improvements, unlike those in the north of the country, who would take out half of that to update and enhance their living space.

The research also found that those living in the surrounding area of the South East of England would splash out £32,900 for their projects and those in East Anglia would spend £28,000 on average.

Adding to the eye-watering figures, on average, those who are borrowing money for home improvements in London borrow 10.7 per cent of the overall cost of the actual property. However, those in locations such as in Yorkshire, who are spending £24,000 on their home improvement projects, are seeking a further advance of 16.6 per cent of their property value.

Speaking to the Daily Mail, Andrew Baddeley-Chappell, Nationwide’s head of policy for mortgages and savings, said: “Improving rather than moving for many may be the most effective way for people to cater for their changing needs at different stages of their lives.”

Other banks such as Clydesdale and Yorkshire Banks found that one in five homeowners would rather make suitable changes to their property than move to a different location.

Steve Fletcher, head of customer banking networks at Clydesdale and Yorkshire Banks, commented: “This time of year is traditionally synonymous with spring cleaning and DIY and many homeowners also find it a popular time of year to make decisions about whether to move or improve.”

For those looking to update their homes in and around the South East should seek the professional help of handyman services in London who are able to give you an affordable hand with any decorating, plumbing and carpentry work. 

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