Brits choose to renovate the houses, instead of moving
Most Britons are opting for improving the conditions of their homes instead of moving to bigger houses. The Bank of England says that were liquidated € 18 billion ($ 54 billion) of mortgage debt between April and June-the highest amount in any three-month period since records began in 1970.The data suggest that owners of dwellings are choosing to invest your money in payment of mortgages in the first place, or add value to properties through a series of improvements, such as conversions or extensions of the divisions.Since 2001 until the beginning of 2008, the Bank's asset values show that the mortgage debt was growing. This means that, at this time, people were constantly to withdraw more money from their homes than to invest in them. But the economic downturn seems to have provoked a radical change in attitudes, for the amount of the debt that people want to have, suggests the institution.For many owners, the cost of moving house right now is prohibitive. At the same time, others are taking advantage of the cheaper mortgages ever to perform a "payment" of his, thus reducing interest rates. This means that people opt to pay more than the Bank requires monthly or pay a large sum once a year. The figures show that many people are using as much of the money amassed precisely for this purpose.Clare Francis, mortgage specialist site Moneysupermarket, argues that the owners are "channeling the money to your mortgage". And he adds: "The about regular payments will help reduce the amount you must reduce the amount of interest you will pay over the term and lead people to become mortgage free sooner".In short, today people are opting to save instead of spend. "Homeowners are being responsible," argues Henry Pryor, a specialist in independent housing. "They are doing what they were told â€" acting responsibly and paying his debts."Photo: under Creative Commons license
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