22 March 2005
New research into consumer spending habits in the UK has revealed a growing trend of Britons applying for personal loans to fund home improvements.
A study from industry specialist Everest revealed that the trend comes as homeowners in the UK increasingly seek to develop their existing properties as opposed to moving houses due to the rising costs involved and escalating Labour government taxes.
Approximately 9.67 million people are expected to spend a total of £17.18 billion improving their homes over the next 12 months, the research reveals.
An average of £1,776 will be spent by each household on improvements, although 702,586 people are reportedly planning on spending in excess of £10,000. Many of the people polled already plan to use a loan to fund the improvements.
Duncan Bland, marketing director at Everest, commented: "Given that there is a lot of uncertainty concerning the housing market, our research suggests that many people may decide to carry out improvements to their current properties rather than move."
Consumers seeking to finance home improvements with loans are being advised to compare various loan offers available on the market.
Use uSwitch's free and impartial loan comparison calculator to find the loan to suit you.
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