A new study by insurance services firm Halifax has shown that many UK homeowners have had to shelve DIY projects due to financial constraints and a lack of time to commit to the task.

The group reports that 1.7 million Britons have put partially completed home improvement plans on hold for more than two years because they have been limited by their available funds or have been unable to commit the time to complete the job. It seems there are also a contingent of homeowners who have given up hope of finishing DIY projects, with as many as a quarter of a million residents said to have abandoned tasks for more than ten years. Bedrooms were identified as the most commonly unfinished room, with 38 per cent of people stating that there was still work to be completed here. A further 2.8 million households were said to be living within an unfinished kitchen.

For those who have planned major home improvements but who have run into financial difficulty during the process, a secured loan may be of assistance in getting the job done. This type of loan may be of particular use to the 29 per cent of respondents who said they had given up on projects because they no longer had the funds required to complete the work. In addition, for the 50 per cent of people who suggested that they did not have time to complete their DIY tasks, a secured loan may provide the financial backing to call in a professional to finish work quickly and competently.

David Rochester, head of underwriting at Halifax Home Insurance, said: “Budgeting effectively for the financial cost of completing a DIY project and being realistic about the time it will take to complete it can save significant heartache. Employing a professional tradesperson can be an effective strategy to ensure work is completed on time, on budget and to an acceptable standard. Indeed, employing a qualified tradesperson to complete complex renovation projects is vital if householders don’t want to risk invalidating their insurance policy if a problem occurs.”

The company also identified unfinished DIY tasks as a major cause of dispute within the home, with nearly a quarter (24 per cent) of people saying that this had spurred an argument with their partner. A further quarter said that they had been reluctant to invite friends and family round to visit because they were ashamed about the unfinished state their home was in. For those who want to retain their pride in their property, a cheap loan may help them to finish jobs around the house and provide the additional funding needed to make their home a talking point among the neighbours.

Needing to get home interiors back on track may be a particularly pressing issue in the south-west and Wales, which topped the company’s regional league table of areas with the most unfinished projects. An equal 45 per cent of residents in both areas admitted to having at least one unfinished DIY project in their home.

The news follows statistics published by Legal & General which indicated that many Britons are dreaming of owning their own property despite economic restrictions. A quarter of respondents to the Home Sweet Home study said that they wanted to buy a dream home in the countryside.

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