32% delay home maintenance to save cash

Nearly a third of UK homeowners are avoiding home maintenance and decorating projects in order to save money, according to new research from comparison website Gocompare.com.

32% of homeowners surveyed said they are delaying decorating jobs and home maintenance to save cash: 22% are putting off fitting a new kitchen, while a further 17% are delaying work on a new bathroom suite.

Gocompare`s findings also revealed that nearly a third of people (32%) said they `really need` to make cutbacks in order to keep on top of their finances.

Perhaps more worryingly, 8% would consider not renewing their home buildings insurance to save cash, while an additional 8% said they`d consider not renewing their home contents insurance.

Gocompare.com`s head of home services, Phil Paterson-Fox, said: "In the current economic environment it is a good idea to review your finances and cut back on unnecessary spending - but it is important that in order to save money now, you don`t make false economies. For most of us, our home is our most valuable asset, so when making cut backs you need to ensure that it is adequately protected."

A spokesperson for debt management company Gregory Pennington commented: "While it is encouraging that many homeowners are trying to keep on top of their finances by making cutbacks in areas that aren`t strictly essential (redecorating, etc.), we would advise people to think very carefully before deciding not to renew any insurance policies - and consider how they`d cover the costs should the worst happen to their home."