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Bank holiday DIY boom predicted

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Homeowners will use this bank holiday weekend as an ideal opportunity to get into DIY projects, as they choose to improve rather than move, Nemo Personal Finance predicts.

As the cost of moving house continues to grow, homeowners are looking for ways to better invest funds into their current property, says Nemo. And it claims many homeowners will take out secured loans to finance this work.

Phil Jones, joint managing director of Nemo Personal Finance, said: “Home improvements can provide homeowners with an alternative to moving house if they need to accommodate a growing family, or if they simply want more space.

“Since paying out our first loan in February 2005, almost a quarter of customers have borrowed specifically to fund home improvements, with the overall majority of customers having an element of home improvements attached to their need to take a loan out with us.”

He added that with so many television programmes inspiring British homeowners to stay put and improve their homes, it was no surprise that Britain was turning into a nation of home improvement lovers.

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