Individuals in the UK who are needlessly spending thousands of pounds on the aesthetics of their property could be placing themselves at risk of suffering home repossessions.
New research carried out by esure home insurance has revealed house-proud Brits are spending an average of £1,171 and eleven days a year trying to make their dwellings look like ideal residences similar to those shown on television shows such as Grand Designs and MTV Cribs.
This means individuals are splashing out around £58,550 on such upgrades across their lifetime, with people forking out £529 a year on non-functional decorations to keep up with the latest trends.
In addition, the investigation revealed people are parting with £404 on items they are never likely to use.
Nikki Sellers, head of home insurance at esure - founded in 2000 - said: "The rise in popularity of television shows featuring desirable homes has given rise to a new breed of homeowner driven to create a beautiful abode."
Needless spending may lead to more home repossessions
Fri, 23 Sep 2011
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