Loans to fund home improvements 'still on the up'
01/09/2010
Homeowners are continuing to spend money on home improvements in almost the same way as last year, according to one bank.
Sainsbury's Finance has released figures that indicate loans taken out to pay solely for DIY work in the home in the first half of 2010 were at 20 per cent.
This percentage is almost the same as the 20.7 per cent figure that was posted by the supermarket bank in 2009 regarding the same topic.
Moreover, looking at the wider period of 2007 to 2009 reveals that loans that were taken out to only cover home improvements has nearly doubled.
Even the amount of money taken out per loan has increased by 12 per cent to £9,225 in the first half of the year, compared to £8,237 in 2009, but Steven Baillie, head of loans at the bank, urged tool hire users to shop around for the best rates.
He said: "Our figures indicate that when it comes to our homes, improving them is the exception, perhaps because … many may still be choosing to improve rather than move."
These figures reflect a report released by ServiceMagic recently that indicated that 77 per cent of homeowners are making improvements to their property, Money Watch has reported.
Sainsbury's Finance has released figures that indicate loans taken out to pay solely for DIY work in the home in the first half of 2010 were at 20 per cent.
This percentage is almost the same as the 20.7 per cent figure that was posted by the supermarket bank in 2009 regarding the same topic.
Moreover, looking at the wider period of 2007 to 2009 reveals that loans that were taken out to only cover home improvements has nearly doubled.
Even the amount of money taken out per loan has increased by 12 per cent to £9,225 in the first half of the year, compared to £8,237 in 2009, but Steven Baillie, head of loans at the bank, urged tool hire users to shop around for the best rates.
He said: "Our figures indicate that when it comes to our homes, improving them is the exception, perhaps because … many may still be choosing to improve rather than move."
These figures reflect a report released by ServiceMagic recently that indicated that 77 per cent of homeowners are making improvements to their property, Money Watch has reported.