Home Improvement Loans:
Latest data released by Post Office Money shows that homeowners collectively spent £295bn in home renovation in the last 5 years. This led to an increase of £40,000 in the overall property value.
The growth of house prices has slowed down over the past few years. And, therefore, more and more homeowners are getting inclined to the idea of improving their home to add value to their property. Doing so will significantly increase the market value of their home.
Regular upgrades and renovations allow the homeowners to craft homes that echo their necessities and personal taste.
According to the NAEA Propertymark (National Association of Estate Agents), the number of homeowners choosing to invest in their existing property instead of moving out has rocketed in the past five years.
Housing Statistics for January 2019
- The average price of a property in the UK was £228,14.
- The annual price change for a property in the UK was 1.7%.
- The monthly price change for a property in the UK was -0.8%.
- The monthly index figure (January 2015=100) for the UK was 119.7.
Dwellings by Tenure-2017
- Owner Occupied
- Local Authority
- Housing Association
- Private Rented
House Prices and Brexit
- Upgrades and improvements increased the value of the property by £40,000.
- Average value of property changed from £210,000 to £250,000.
- Only 5% of homeowners who did upgrades had the intention of moving.
- 28% thought that improvements would increase the overall property value.
- 59% had a reason of improving their home’s appearance.
Cost of Moving House in 2018
The latest research done by Compare My Move has found that the average UK homeowner spent more than £10k when moving their home. And first-time buyers spend £1,761 on extra moving costs adding 4 months of saving.
There are several benefits of maintaining a good credit score such as having the benefit of being offered a lower interest rate on the loans that one opts for. A good credit score helps an individual to save money on a wide range of services. LoanTube has listed a few tips to help maintain the credit score to be fit and in shape:
Keep paying bills on time. Any bill, if unpaid, could wind up on your credit report.
Refrain from applying for new credit as multiple credit checks also impact the ratings.
Know your credit report inside out. A single error can lead to a drop in the score.
Manage your debt efficiently and responsibly. Lower the debt, higher is the credit score.