Homeowners racking up large home improvement bills

Homeowners are spending thousands of pounds on home improvements within the first year of moving in to their new home, it has been advised.

Research from Abbey Mortgages has indicated that many householders make an effort to alter their home to their desires as a priority upon moving in, with an average of £6,289 spent per home within the first year.

The figure forms part of the £22,000 costs that make up the price of moving home and settling in, according to the study.

"The additional expenses incurred during the first year after moving can catch people out and it is important to budget effectively," advised Nici Audhlam-Gardiner, head of mortgages at Abbey.

Developing conversions and extensions was the most popular improvement, taking up £1,522.

Last month it was advised that Britons spend billions a year on converting so-called dead space in their homes into habitable areas.



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