Almost 75 per cent of UK households are set to start a garden project at their home this year, according to new research.
A number of those planning to spruce up their garden areas could be inspired to take out a lifetime mortgage, which could help pay for the project with cash taken from the value of their property. Recent research by Key Retirement Solutions revealed that 58 per cent of people who release cash from their property do so in order to make home and garden improvements.
Figures from the report by comparison site Gocomapre.com, revealed that 74 per cent of UK households are planning a garden project with the average spend coming to £420.
However, the study also revealed that 24 per cent of respondents are concerned about the security of new items that will be left in their gardens.
John Miles, head of home and pet insurance at Gocompare.com, said: "Our research shows that green-fingered Brits are set to spend a collective fortune on garden projects this year but one in four people have had items stolen from their garden or damaged by intruders.
"Whilst fences and security lighting can be a good deterrent we would urge homeowners to check that their new purchases and garden investments are protected with adequate home insurance cover, just in case."
Homeowners aged over 55 years that are concerned about the costs involved in securing their new garden projects can find out how their home could help pay for the work with equity release advice from Key Retirement Solutions.
Posted by Claire Ford
