Home sellers 'investing in long-term'

Posted: 18 Aug 2008 12:32:21 GMT

Given the current economic situation, home owners are becoming more prepared to increase the valuation of their existing house with improvements such as underfloor heating, it has been revealed.

According to Home Building and Renovating magazine, DIY projects tend to pick up at times when the housing market stabilises - as home sellers look to improve the value of their properties or make them more suited to their short-term needs.

"Two or three years ago people were just looking to change houses every couple of years to get the house that they wanted to, but they are willing now to invest a bit more in the long-term of their house," said Jason Orme, editor of the magazine.

Meanwhile, the launch of a new set of mortgages from Northern Rock has been labeled by the Guardian as a sign that competition is beginning to return to the home loan market.

The newspaper explained that that the lender is the latest in a series to have announced reductions on some of their fixed and tracker mortgages.

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