One fifth to take on debt for home improvements

One fifth (19%) of homeowners are planning to take on debt in the near future to cover the cost of home improvements, research by moneysupermarket.com has revealed.

And a fifth (21%) of homeowners have taken on debt in the past to cover the cost of `necessary` improvements to their home, with the average amount borrowed standing at £14,037.

Residents of the West Midlands had taken on the most debt to pay for home improvements (£29,586, on average), while those living north of the border in Scotland had taken on the least debt for this purpose (£6,305).

The website also found that 16% of Britons would be spending money on home improvements over the two bank holiday weekends.

A spokesperson for debt management specialist Gregory Pennington said: "Making improvements to a home can help to increase its value - and quite simply make it a better place to live - but it`s important that any homeowner thinking of borrowing money for this purpose makes sure they can afford their monthly debt repayments before they actually take on the debt."