Home Improvements More Popular According To Lloyds Tsb

2008-08-09 Word Count: 569 Category: Personal Finance

An ever increasing number of Britons are looking to make improvements to their property.
Such is the assertion of Lloyds TSB personal loans, which reveals that a rising proportion 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 people looking for an effective way in which to carry out repair work to their property, applying for one of the many cheap home improvement loans available is advisable.
The study also indicated that a brand new kitchen is the feature of a house which has the most appeal to potential property buyers, with around four-fifths (79 per cent) of respondents indicated to be requiring such a room. During half of prospective buyers that took part in the study reported that a new bathroom appeals to them when looking to purchase a property, with a quarter wanting to move into a recently decorated property. Meanwhile, 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 house.
David Wishart, director of personal loans at Lloyds TSB, said: "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 you are motivated by a quick sale, adding long-term value or dealing with changing lifestyle needs, it's vital you consider the financial investment you're about to make."
He added that getting a personal loan is a 'hassle-free, affordable way' for homeowners to spread the cost of funding a home improvement project.
Meanwhile, 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 looking for an efficient 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 making use of home improvement loan. In using this kind of home loan it is quite possible that borrowers can not only afford the cost of materials required but additionally hire qualified professionals to carry out such work. This could also be useful for those looking to repair damage to their home after a recent study by Tescocompare identified that instances of broken windows and other domestic incidents could increase this summer while young people are on school holidays.

This free Personal Finance article is brought to you by http://www.articlevista.com

Mark Dawson writes for the Loan Arrangers. Where visitors can compare UK loans online, and apply for the best cheap rate loans (www.loan-arrangers.co.uk/cheap-loans/) and the bestdebt consolidation (www.loan-arrangers.co.uk/debt-consolidation-loans/) loans available to them.