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Homeowners ‘can’t afford home repairs’

Owners borrowing to fix house problems, says study

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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