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Britons `taking on debt to fund home improvements`
One in five personal loans taken out in the first half of the year were used for home improvements, according to research by Sainsbury`s Finance.
The company said this was indicative of more homeowners choosing to invest in their property, rather than borrow money simply for making large purchases.
Between 2007 and 2009, there was a 47% increase in the number of people taking out loans for home improvements.
In total, £3.2bn worth of personal loans were taken out for home improvement purposes, and Sainsbury`s Finance says this looks set to continue.
A debt expert at the IVA Advisory Centre commented: "Borrowing money for home improvements can be a good move from a financial perspective, as the homeowner could actually `profit` from making the right changes to their home. For example, upgrading a kitchen can sometimes add value to a home.
"If the increase in value exceeds the amount borrowed (including interest and charges), the homeowner is essentially adding value to their home for free, which can be especially useful if they are looking to sell in the near future."
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