13 September 2005
People are increasingly turning to loans to improve their homes, new research says.
The Sainsbury's Bank Home Improvement Index shows that £7.04 billion of the £79.3 billion that Britons intend to spend on home improvements between now and February 2006 will be financed through loans.
The main reason people give for undertaking home improvements is to make their homes more comfortable (51 per cent), for necessary repairs (19 per cent) and to increase the value of their property (ten per cent).
The research also revealed a gender gap, with men slightly more likely than women to do some DIY.
Rachel Brereton, loans manager, Sainsbury's Bank said: "Our research shows that £13.2 billion of planned home improvement expenditure over the next six months will be financed through credit cards and loans.
"However, in the excitement people can often forget to shop around for competitive finance offers that can cost them thousands of pounds in unnecessary interest repayments
"Our personal loans rates start from 6.5 per cent APR typical and are among the lowest available and our new Visa card offers one of the longest zero per cent APR deals on purchases at ten months."
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