The number of people taking out new mortgages, or extending current ones, to renovate their homes has soared nearly 50% this year, according to mortgage advisory group De Hypotheker.

The shortage of homes for sale and increase in home working means more people are investing in their own property, De Hypotheker says.

In particular younger home owners, aged 35 to 45, are putting more money into home improvements. Often the money is being spent on an extension or creating an extra room for a home office.

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‘The shortage of affordable homes and rising house prices means many people are investing in their own home, to make them more comfortable or energy efficient,’ commercial director Menno Luiten said in a statement.