Britons `looking to home improvements to beat slump`

New research from Unbiased.co.uk has suggested that a quarter of British people are looking to make `substantial` home improvements this year.

According to the research, more than one in ten homeowners are currently saving up so that they can afford their home improvements. Meanwhile, 5% of 18-34 year olds are planning to take out credit to finance the work.

Two thirds (66%) of those looking to make home improvements this year were simply looking to make their homes `look and feel` as they wished, while 8% were looking to add value to their property.

The average home has suffered a significant loss in value over the past 18 months due to the housing market slump, with many homeowners falling into negative equity - when their mortgage debt exceeds the value of their property.

A spokesperson for debt management company Gregory Pennington said: "Home improvements can be a good way of increasing the equity in a property, but homeowners should be careful to ensure that the increase in house value will justify the cost of the improvements."

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