Wednesday, May 9, 2007
Category:
Home Improvements
Halifax Credit Cards recently revealed new figures on Britain’s home furnishings spending.
It seems that in 2005, the UK nation spent £13.5 billion on furniture and furnishings. Per household, this equates to an average of £531.50 per household each year, or £10.22 each week.
Since 1995, we have spent 70% more on furnishings and furniture. The previous amount of £7.3 billion in 1995, was an average household spend of £6.00 each week. Over the last 10 years, Britons spending has increased by 86%.
Although in real terms we spend more money on furniture and furnishings, we spend less than 1% of our total disposable income on these items.
According to Halifax Credit Cards, the £13.5bn spent on furniture and furnishings in 2005 is enough to buy 22.5 million sofas and 61.4 million dining tables!
Ken Stannard, head of Halifax Credit Cards, comments:
"When it comes to furnishings, we all love filling our homes with creature comforts but this shouldn't leave you with empty pockets or paying high interest for months afterwards.”
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Homeowners who find that their home is in need of some sprucing up with either some new furniture or simply a clean lick of paint, could consider financing this with a
home improvement loan. General household upkeep is an important factor to consider when moving home or simply for everyday comfort and peace of mind. One of many options to fund home improvements, a home improvement loan could be used for a number of things like maybe adding a new room which could add value to your property or even building that dream kitchen that you’ve always wanted. A home improvement loan could be paid back over a term to suit the borrower from 5 to 25 years. Homeowners should remember that borrowing over a longer term will increase overall interest charges.
