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 number of people are opting to remove their homes from the market as a result of recent declines in the economic climate. In a recent survey of estate agents, more than half 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 shown that 59 per cent of people who had been looking to move had placed such plans on the backburner as a result of concerns about falls in the value of their property. Of such Britons, roughly half are opting to revamp their home. Meanwhile, an increase of 19 per cent annually in loan applications for the purposes of home improvements had been noted.
For those looking for an efficient way in which to carry out improvement work to their property, obtaining one of the many cheap home improvement loans available may be an advisable course of action.
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, 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 claimed that obtaining a personal loan is a ‘hassle-free, affordable way’ for homeowners to extend the cost of paying for a home improvement project.
Meanwhile, Phil Spencer, property finder and television presenter, claimed that the downturn in the housing market means any plans to improve their homes should be drawn up 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
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