Lloyds TSB Shows Home Improvements Are Increasing In Popularity

An increasing number of Britons are looking to make improvements to their property.

Such is the assertion of Lloyds TSB personal loans, which reveals that an increasing number of people are choosing to take their homes off the market as a result of recent declines in the economic climate. In a survey of estate agents, 55 per cent of respondents pointed to a rise in those removing their property from the open market in order to make improvements to it.

It was also noted that just short of 60 per cent of people who had been looking to move had placed such plans on hold because of recent falls in the value of their property. of such Britons, about half are choosing to stay to revamp their home. Meanwhile, a 19 per cent yearly growth in loan applications in order top carry out home improvements had been noted.

For those thinking of a way in which to carry out remedial work to their house, acquiring one of the many cheap home improvement loans available could be useful.

The study also showed that a brand new kitchen is the feature of a home which has the most appeal to potential property buyers, with around four-fifths (79 per cent) of those that took part in the study highlighted to be requiring such a room. Over half of buyers that were questioned reported that a brand new bathroom appeals to them when looking to purchase a property, with a quarter wanting to move into a recently decorated property. However, 29 per cent of people questioned cited a loft conversion as an attractive feature, with 47 per cent claiming that an extension is something which they look out for when searching for a home.

David Wishart, director of personal loans at Lloyds TSB, commented: "In recent months we have seen a significant increase in home improvement personal loan requests. For the last decade homeowners have been able to sit back and rely on rising property prices to increase the equity in their home but sadly this is no longer possible. If you want to trade up and avoid substantially increasing your mortgage, you'll need to add value to the house you're currently in. Whether your motivation is a quick sale, adding long-term value or accommodating changing lifestyle needs, it's vital you consider the financial investment you're about to make."

He also stated that getting a cheap loan is a 'hassle-free, affordable way' for homeowners to spread the cost of funding a home improvement project.

Meantime, Phil Spencer, property finder and television presenter, claimed that the downturn in the housing market means any home improvement plans should be planned meticulously to "ensure maximum return on investment".

Those wanting an effective way to refit a bathroom, add a kitchen extension or simply spruce up their property with a lick of paint might wish to bare in mind taking advantage of home improvement loan. In using this kind of home loan it could be possible that borrowers can not just afford the cost of materials required but also hire qualified professionals to carry out such work. This could also be efficient for those planning to repair damage to their home after a study held recently by Tescocompare identified that instances of broken windows and other domestic incidents could increase this summer whilst young people are off school.

Mark Dawson writes for the Loan Arrangers. Where visitors can compare UK loans online, and apply for the best cheap loans and the bestdebt consolidation loans available to them.

- Mark Dawson