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Britons 'underestimate their home improvement costs'

People considering making improvements to their homes may be interested to learn that according to Halifax statistics, it could cost them more than expected.

Each year one in four people end up spending above what they intended on their home improvements, costing Britons £4.7 billion more than they had planned on spending, Halifax reports.

Installing higher specification fixtures and fittings has caused 53 per cent of people to go over budget, while 20 per cent claimed that through building works they had discovered extra problems that needed dealing with.

The most commonly under-budgeted projects include kitchen and bathroom renovations as well as extensions and general repairs.

Senior claims manager at Halifax Martyn Foulds said: "It's interesting to see that the major reason for spiraling costs is often due to homeowners adding extras to a project halfway through.

"Clearly it is all too easy to get carried away with adding more expensive fixtures and fittings as the project unfolds."

Last year Halifax urged homeowners to fire-proof their homes in light of the fact that 200 homes a day encounter a fire in the UK.

See how much you could borrow with a home improvement loan from Lombard Direct.

© Adfero Ltd

15/01/2008 13:19:49

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