Alliance & Leicester finds record sums spent on property improvement

08 December 2004
Britons will spend big this Christmas, improving their homes rather than moving.

DIY spend will be at an annual high of £1,426 per person this quarter, Alliance & Leicester has found.

"While Brits are preparing to lavish money on their homes, it seems they are cannily opting to spend more on outward or cosmetic appearances with decorating or painting, rather than costly tasks, such as a new kitchen or bathroom, so close to Christmas," said Paul Cooper, head of mortgages at Alliance & Leicester.

But Christmas is not the only reason Alliance & Leicester finds for the improvements.

"Whilst the Christmas period plays a big part in this, the interest rate rises in the last year may have encouraged homeowners to focus on their own properties until rates stabilise rather than purchase a new home," Mr Cooper added.

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