Wednesday, July 6, 2011
Category:
Home Improvements
According to Sainsbury’s Finance, an analysis of their loans data has indicated that UK homeowners are spending a greater sum on home improvements and investing more in their property – ‘despite continued reports of challenging economic conditions’.
In fact, following their analysis, it has been revealed that 21 percent of personal loans are taken out for the sole purpose of paying for home improvements. This represents a 0.2 percent increase from 2010 and a 6.9 percent increase from 2007.
Nationwide, home improvements reportedly accounted for 20.2 percent of the total value of personal loans taken out, which marks a slight increase from last year’s figure of 20.1 percent. Findings have shown that the average value of a personal loan taken out for home improvements is now £8,318, which is slightly less than last year’s figure of £8,827.
Sainsbury’s Finance has estimated that in 2010, nearly £3.2 billion worth of personal loans were taken out for the sole purpose of home improvements in the UK. If the current trend continues, it is predicted that this year’s total value of personal loans taken out for home improvements is likely to be a similar figure.
It has been pointed out that homeowners may have made the decision to invest more in their property for several reasons. For example, some homeowners may be looking to increase the value of their property, whilst others may be looking to improve their home until they are in a position to move up the property ladder.
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Homeowners who are currently seeking finance for home improvements could consider taking out a
secured loan. One of many finance options available, a secured loan for home improvements could allow borrowers to embark upon an array of projects in and around their property. For example, some homeowners may wish to extend their property or add a conservatory for extra living space, whilst others may wish to replace a tired bathroom suite or kitchen with a brand new one.
