Research carried out towards the end of the summer suggested that applications for home improvement projects are on the rise, as the cost of moving house encourages more of us to stay put and improve where we live instead of upping sticks and selling up.
According to Halifax Insurance, the number of planning applications submitted across Britain for home improvements rose by just over a quarter (26%) between 2012 and last year.
Separate research by Lloyds Bank has found that, during the first half of this year, the numbers of those moving home dropped by 2% compared with the same period in 2016.
London, the East Midlands and the South East were revealed to be the regions where home improvements were the most popular.
What’s more, it seems that we’re increasingly prepared to dig into our property wealth to do it.
A report just out shows that the ‘baby boomer’ generation in particular is using these funds in record numbers. Just under £825m has been borrowed by the over-55s during the last three months using such plans, representing an increase of nearly half (44%) on last year, according to the Equity Release Council.
It is the first time this kind of lending has gone over £800m in a single quarter. The previous quarterly record was for £701m in the second quarter of this year.
The organisation says borrowers were using the cash for a range of reasons, including funding home improvements.
Equity release loans enable older homeowners to borrow up to 40% of the value of their property on a lifetime mortgage at an interest rate of typically between 5 and 6%.
It’s true that home improvements are rarely cheap, but if you seek good financial advice about accessing finance through schemes such as equity release loans, enhancing your property could be more affordable and more possible than you realised.
At Worthing Windows, we offer a range of projects aimed at enhancing the visual appeal, security, value and thermal efficiency of your home, from conservatories and orangeries to aluminium, timber and uPVC windows. We also offer a range of replacement doors including bi-fold, composite doors, timber doors and uPVC doors.
Talk to us now about what you want for your home – and how you might be able to fund your project.