Homeowners 'can't afford home repairs'Owners borrowing to fix house problems, says study
25 March 2009
More than one in 10 homeowners who has had a problem with their property during the past three months has had to borrow money to get it repaired, research showed today.
Property repair group Homeserve revealed today that a survey of 2,024 people found that around 14% who had experienced problems ranging from a burst pipe to a broken boiler, had to take on debt to pay for the problem to be fixed.
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Home repairs mean borrowing money
Of those that had to borrow money to repair their home, 9% used their credit card to settle the bill.
The rest used loans, overdrafts or borrowing the money from family and friends.
A third of all those surveyed by Homeserve said they had had to dip into their savings to meet the cost.
Cost of home repairs
One in 10 people who suffered a home emergency said it cost more than £400 to repair.
But 5% of people had to pay more than £1,000 to repair their property.
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© Press Association 2009