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Britons continue investment in home improvements
01/09/10
Edited by Sophie Griffiths.Despite challenging economic conditions, Britons continued to invest heavily in home improvements during the first seven months of the year, according to a new report.
Figures from Sainbury's Finance show that 20 per cent of all personal loans taken out between January and July were used solely for sprucing up a residential property.
This is broadly in line with last year and the supermarket bank said that between 2007 and 2009, the number of these deals being used to fund home improvements rose by 47 per cent.
On average, home owners taking out a personal loan to pay for builders, electricians or plumbers to carry out remodelling work or other upgrades borrowed £9,225 during the first half of 2010.
This was up 12 per cent on the figure for the corresponding period of last year, which stood at £8,237.
Overall, Sainsbury's Finance said personal loans for home improvements were worth £3.2 billion in 2009 and, based on current trends, borrowing could reach a similar level in 2010.
According to research by Halifax, the most expensive form of property upgrade is installing a new kitchen, which costs an average of £6,609.
