Brits Using Loans to Fund Home Improvements

Fri, 03 Sep 2010

New figures from Sainsburys Finance have revealed Brits remain committed to home improvements despite the current economic climate. With the housing market slow, the new figures suggest that Brits are opting to invest in improving their own homes rather than searching elsewhere. According to Sainsbury’s Finance, one in five loans taken out during the first six months of 2010 was spent entirely on home improvements.

Perhaps surprisingly, therefore, spending on home improvements has remained stable over the past year, while there has been a remarkable 47 per cent increase in the number of people taking out loans to improve their homes since 2007. While the number of people taking out personal loans for this reason has been steady over the last 12 months, the average value of these loans has risen. In 2009 the average home improvement loan was worth £8,237, though that figure has risen by 12 per cent to £9,225 in the first six months of 2010.

In light of the six monthly figures, analysts now expect the value of home improvement loans taken out from banks and lenders to reach a similar level to last year, when such loans totalled more than £3.2 billion.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form