More evidence has been published indicating that there is a growing trend among homeowners for improving their properties instead of putting them on the market. Sainsbury’s Finance reports an estimated 425,000 loans worth over £4 billion were taken out for the purpose of funding home improvements during 2008. This represents a 53% increase on the previous year in the number of loans taken out partially or wholly for home improvements.
Steven Baillie, Head of Loans at Sainsbury’s, said: “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. It may also suggest however, that they’re trying to add value to their current homes in order to get a better price when the property market improves.”
Whatever the reason, it looks like the DIY sector is set to enjoy a boom in 2009.