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Home improvement loans to beat the recession
People are continuing to take out home improvement loans to expand their properties during the current economic climate, a survey reveals.
A quarter of British homeowners plan to increase the size of their homes before the recession is over, with 24 per cent planning to add another room to their properties, according to AA Personal Loans.
It seems that rather than improving their homes to add value, people are now more concerned about making their homes more comfortable as they prepare to stay put rather than move in the gloomy housing market.
Mark Burgess, editor of Estate Agency Times, said "Even though the nation is collectively tightening its belt as the recession rolls on, it's not that surprising that many homeowners are bucking the trend by taking out home improvement loans to renovate their properties."
He added that as long as people can keep up with loan repayments, now is one of the best times to make home improvements to take advantage of more competitive labouring costs.
Another recent survey by Homeserve found that DIY-keen Brits invested £23 billion in home improvements in the last three months alone, aboutproperty.co.uk reports.