Paula Jones: Market news

GOING UP...

The number of borrowers missing mortgage payments. According to Moneyexpert.com, 463,000 homeowners failed to make one of their monthly repayment between last July and this January. Those in the 24- to 35 age bracket are the most likely culprits. While most borrowers will get back on track – hopefully helped by falling interest rates – it's thought that one in 10 of these defaulters will end up losing the roof over their heads. The Council of Mortgage Lenders has predicted that the number of repossessions in the UK will rise by 75 per cent this year to a total of 45,000.

GOING DOWN...

The bank balances of homeowners with ambition. One-in-four home makeover projects go over the original budget, according to Halifax Home Insurance. It claims that we spend £4.7bn a year more than anticipated on doing up our properties, and it's mainly down to frittering away extra cash on fixtures and fittings. Apparently, the average "major home improvement" (new kitchen or bathroom) costs £10,320 – but a million homeowners a year under-budget to the tune of £4,690. Most blame escalating costs on upgrading the extras – designer taps may turn you on, but they can throw cold water on your finances.

GO FIGURE... 5 million

Number of borrowers who confess that they know they are not on the most competitive mortgage deal. Research from Abbey reveals that 5 million of us know that we don't have the most keenly-priced mortgage out there, and reckons our failure to shop around and secure the best deal costs each borrower £5 a day. On a 25-year mortgage that's £45,625. The lender reports that 47 per cent of us do not review our mortgages regularly. Only 36 per cent of 55- to 64-year-olds review their mortgage (probably because they have the smallest homeloans), while 25- to 34-year-olds are the keenest to shop around.

Paula John is editor-in-chief of Your Mortgage