4 August 2008
British homeowners are taking out personal loans to pay for home improvements rather than moving to new properties, research shows. According to Lloyds TSB Personal Loans, three in five of those who had previously been looking to sell their home have now put their plans on hold. The lender said concerns over the state of the housing market were prompting more homeowners to renovate their properties instead. Improvements are being carried out to make homes more attractive to potential buyers, to add long-term value or simply to accommodate changing lifestyle needs, it stated. The research shows that personal loan applications for home improvements have risen by 19% over the last 12 months as homeowners seek finance for their projects. Lloyds TSB found that a new kitchen is the feature most likely to help a homeowner sell their property, followed by a new bathroom and an extension. Research from Abbey suggests that by spending around £1,300 on painting and decorating, homeowners could add more than £3,500 to the value of their property.
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