Home improvement loans 'on the rise'

Home improvement loans 'on the rise'Britons are borrowing more money to carry out home improvement jobs, new research has revealed.

The study by Sainsbury's Finance found that one in five personal loans taken out from the supermarket between January and June this year went towards home refurbishment projects.

In the first half of 2010, the total value of home improvement loans has gone up by 12 per cent and now stands at £9,225.

Steven Baillie, head of loans at Sainsbury's, said: "Some recent reports indicate that many Britons are delaying buying major items at the moment.

"[However] our figures indicate that when it comes to our homes, improving them is the exception, perhaps because despite increasing positivity in the housing market, many may still be choosing to improve rather than move," he added.

One way to save money on home improvement costs is to undertake DIY projects where homeowners have to spend money only on materials.

Posted by Jenny SummerADNFCR-2244-ID-800044670-ADNFCR

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