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Rising home prices drive DIY spending in Britain
|Rising home prices drive DIY spending in Britain
London - September 20 - Britons spent 23 billion pounds ($US35.7 billion) on home improvements last year, which amounts to about 900 pounds (US$1,396) per household, according to London-based market research firm Datamonitor.
In its latest research report, Datamonitor found rising house prices in Britain have prompted more homeowners to renovate their homes rather than buy new ones. Low interest rates and the popularity of home improvement television shows also contributed to the boost in DIYers.
To fund those DIY projects, research shows that more British consumers are borrowing the money. About 13.6 billion pounds (US$21.1 billion) in personal loans were made last year specifically for home improvements. The report projects that consumers will borrow even more. By 2006, borrowing for DIY projects is expected to rise to 17.6 billion pounds (US$27.3 billion).
Replacing a garage with a sunlight-filled conservatory and converting a bedroom into a bathroom are among the most popular home improvement projects in Britain.
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