The home repair and maintenance experts say that some 8.2 million homes experienced emergencies in the last three months, ranging from boiler breakdowns to burst pipes, leaking roofs, sewage problems and infestations.
According to HomeServe the effects of the recession are forcing people to ‘repair now, pay later’ as some 14% of affected homeowners – around one in seven – have had to borrow money to afford the repairs.
The HomeServe research shows that 9% of homeowners paid for repairs in the past three months on a credit card, racking up a cumulative credit card bill of some £167 million since the turn of the year. If unpaid in 12 months’ time HomeServe says that could result in interest accruals of some £28.2 million.
The HomeServe figures also show that a further 400,000 homeowners – around 5% of those with home emergencies – turned to bank loans, overdraft facilities or even borrowed money from friends and family to pay for problems caused in the past three months.
Jon Florsheim, CEO of HomeServe Membership, said: “The extreme weather conditions of the last three months have wreaked havoc on British homes. But the effects of the recession have caused their own problems, with millions of homeowners facing bills they cannot afford. For many the only option is to repair now, pay later – the alternative for many is living with a leaking roof, no central heating, or worse.”
