Brits to spend £5,478 on homes
Almost every other person in the UK is planning to spend money improving their home in the next 12 months - with an average amount of £5,478 to be spent per person.
And some 1.8 million homeowners are set to spend more than £10,000 on improving their properties, research from Capital One Homeowner Loans reveals.
The high cost of moving, adding value to their homes, and needing more space for a bigger family are the top reasons for this outlay, but some 2.9 million Britons are set to spend big as a result of nagging from family members or in an effort to keep up with their friends and neighbours.
"With stamp duty and the uncertainty over rising interest rates, it's understandable that so many people are looking to improve their existing home instead of moving," said Justin Basini of Capital One Homeowner Loans.
Overall, some 21.3 million people are set to spend around £116.9 billion on their homes in the next year, data from Capital One reveals.
The top reason for improving homes is to add value, with homeowners believing that their actions will add around £10,000 to their house price.
Regionally, residents of the Midlands are set to spend the most on improving their homes, with almost four million people set to spend an average of £8,911 each on their properties.
Scots are set to spend the least - with fewer than two million households spending some £4,293 each.
But Capital One has a warning for those planning on spending money on their home.
"Much of this expenditure will be financed through credit, so it's important that people shop around for competitive rates," Mr Basini said.
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