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With the cost of DIY soaring, many homeowners would be forgiven for not attempting renovation work. There is hope though, with the European commission declaring its support for the idea of lowering VAT on home renovation work.

The current proposals suggest that the rate should be lowered from the standard 17.5 per cent to 5 per cent. The idea has been welcomed by Brian Berry, director of external affairs of the Federation of Master Builders who claimed, “We have been campaigning for a cut in VAT for building repair and maintenance work for some time so are obviously delighted by the news.”

If you are thinking about doing some home improvement, make sure to check out our advice on the top ten projects to add value to your home.