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Unsecured loans for home improvement 'on the rise'

Unsecured loans for home improvement 'on the rise'

Category: Loans

Updated: 12/02/2009
First Published: 11/02/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The value of unsecured loans taken out for home improvements rose significantly last year, it has been revealed.

Figures from Sainsbury's Finance have shown that homeowners took out more than one million personal loans that were at least partly for this purpose.

And with the number representing a level 53 per cent higher than in 2007, head of loans at Sainsbury's Steven Baillie suggested that carrying out work is being preferred to moving.

"It is well-documented that the housing market struggled last year and our figures might suggest that people have decided to stay put and make the most of their existing homes," he stated.

Unsecured loans that were obtained exclusively for home improvement purposes were found to be worth over £4 billion, a rise of 22 per cent.

Meanwhile, a study by Abbey Mortgages has revealed that one million people between the ages of 18 and 24 either moved back in with parents or delayed moving out last year.

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