Research from AA Financial Services suggests that Brits will spend £29.6bn on home improvements in preparation for the festive season.

The research found that homeowners are willing to splash their cash to get their homes ready for family visits and entertaining over the festive season.

Overall, almost half of homeowners surveyed by AA Financial Services were planning a home improvement project before Christmas day. They planned to draw an average of £2,339.46 from their savings to fund it, with most people dipping into their savings rather than borrowing money to fund their festive projects

AA Financial Services asked a national representative sample of 2,038 UK homeowners what, if any, home improvement projects they planned before the end of the year, what they planned to spend – and where the money would come from. The research dispelled the myth that Brits wait until the summer months to improve their homes.

A little over 40% of the sample were planning to do some last-minute decorating before the tree goes up, while 12% said a kitchen upgrade was the top priority.

The average planned spend on work relating to an extension was £12,902, while 15% of respondents expected to spend more than £20,000.