The average sum that homeowners are borrowing to fund renovations has increased by 25% since before the pandemic to £65,267, according to figures from Mojo Mortgages.

The broker found that in 2019, before Covid struck, home owners were taking out an average of £52,209 to pay for improvements, which is £13,000 less than they are typically borrowing today.

There has also been a huge jump in the number of remortgages to fund renovations, which is up by 174% so far this year when compared to the same period in 2019.

Experts say that record low mortgage rates combined with the higher cost of building materials and labour, as well home owners taking on more ambitious projects have all contributed to the increase in borrowing.

Mojo director of mortgages Cassie Stephenson says: “After such an uncertain 18 months you might have thought that purse strings would have tightened from both homeowners and lenders, however in many cases this has been the complete opposite.

“With people spending more time in their homes than ever before, homeowners have had the time to imagine their dream property and the steps required to make this a reality as society opens up and returns to normality.

“Couple this with record low rates for remortgages – as low as 0.83% in some cases – and you can see why homeowners are looking to strike while costs are low. 

“Of course, it’s important to consider all the fees involved and not to focus solely on rates when looking to get the best deal.”

Rated People chief executive Adrienne Minster says: “This boom has been fantastic for ambitious tradespeople wanting to take on more work and grow their businesses, but it’s also been one of the factors contributing to a materials shortage. 

“Materials such as cement and timber are costing tradespeople more to buy and, as a result, quotes can be higher than normal for work.

“Trade businesses are working hard to secure supplies, but consumers can continue to benefit from planning improvements ahead of time and being flexible with dates where possible.” 

Paving Direct digital director Cass Heaphy says: “With the effects of Covid-19 still working through the global supply chain, manufacturers and suppliers are either raising their prices or taking significant hits on their margins. 

“This is now being felt by consumers as the cost of cement, timber and other building materials soar.

“The underlying cause is the rapid scaling up many businesses are undertaking from their lockdown states. 

“There is a huge demand for goods and supplies everywhere with less sealift capacity than there was prior to Covid. 

“This is coupled with additional Covid disruption in national ports, haulage networks and manufacturing. 

“These factors create conditions where shipping and transport prices have skyrocketed, and this is being passed on in the cost of goods and the on to the consumer.”