Homes neglected as credit crunched Brits cut repair bills

07/04/2009

The credit crunch has so badly affected the personal finances of millions of Britons that they cannot even afford simple home repairs.

A shock survey from a financial website revealed that 25 per cent of people do not feel that they can afford repairs at the moment - while 14 per cent are currently planning to do some jobs themselves in order to save money.

The Moneysupermarket.com also showed that a larger group (43 per cent) are currently unwilling to spend on home improvement projects due to their newly financial circumstances.

Steve Sweeney, head of home insurance at moneysupermarket.com said: "It is sad so many people cannot afford much needed improvements for their beloved homes.

"For those looking to make home improvements themselves to save money, I would advise they ensure they are comfortable with any work they choose to carry out, especially those working without help or guidance from someone with relevant knowledge or experience."

A landmark report released by the Charities Aid Foundation recently found that four in five Britons are now more careful with their spending than they were before, as a direct result of the credit crunch and economic downturn.

Tags; Budgeting Advice, Young Family Finances,

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