Latest News
March 2009
VAT cut to 5%?
EU finance ministers have voted favourably to allow member states to reduce VAT to 5% for maintainance and repair work.
The Federation of Master Builders (FMB) has been lobbying government for the past few months to try to bring this into effect in the UK.
Savings
With savers expecting a frankly miserable <1% return on their portfolios and the housing market in limbo, now is a good time to add extra space for those looking at staying put over the next couple of years
Coupled with record low interest rates for borrowing, utilising what you already have is popular amongst homeowners who will themselves benefit from the extra space and will also add value and saleability if they do decide to move in the future
Home Improvements v Moving HouseThe editor of a home renovation magazine has said he is "not surprised" about new research which shows that home improvement is growing in popularity.
A study showing that Britons are increasingly looking to improve their property is to be expected, according to Jason Orme, editor of Homebuilding Renovating Magazine.
Sainsbury's head of loans, Steven Baillie, also speculated that people could be building so that their homes have a greater value when the market picks up.
money.co.uk - Full Details
Base Rate Drops to alltime low
Bank of England Baserate drops to 0.5%, an historic low. Combined with competitive costings from the construction industry means that now is a good time to build, improve or extend and get very good value.
February
VAT @ 15% until end of 2009.
The Federation of Master Builders is lobbying parliament for a permanent reduction in VAT to 5% for all maintenance and home improvement work. FMB VAT REDUCTION REPORT
Home Improvement Trends
According to the council of mortgage lenders, gross lending on mortgages has decreased by a massive 52% since January 2008 while Sainsbury's Finance records a 24% increase in home improvement loans.
Many are opting to remain in their existing properties and make improvements rather than selling. The improvements are thought to be more about tailoring their home to meet personal tastes, needs and comfort.
This is due to a decision by many to 'stay put' and make the best of what they already have and increase the living space without the hassle of moving home, especially during a period when the housing market is so unstable.
