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Britons borrowing 'for home improvements'
Personal loans taken out by British people are increasingly being spent on home improvements, according to research carried out by Sainsbury's Finance.
Almost one in five personal loans taken out in the first half of the year are being invested in improving current properties.
The research indicates a 47 per cent increase in the amount of people using personal loans for home improvements from 2007 to 2009.
Steven Baillie, head of loans at Sainsbury's, said: "Some recent reports indicate that many Britons are delaying buying major items at the moment, but our figures indicate that when it comes to our homes, improving them is the exception."
With 2007 representing the peak of the housing market the significant increase in home improvement loans in the following two years would seem to indicate a willingness to improve rather than sell and move up the property ladder.
Not only has the amount of home improvement loans increased, the value of these loans has increased from £8,237 in 2009 to £9,225 in the first half of 2010.
The Bank of England has also revealed that total net lending increased by £0.3 billion in the month of July.