Home improvements secured loans 'rising'
04/08/2008The number of people taking out loans in order to improve their homes has gone up, it has been claimed.
According to research from Lloyds TSB Personal Loans, loans for home improvements have increased by 19 per cent this year compared to last.
It added that a new kitchen is coveted by 79 per cent of people borrowing money, followed by a new bathroom (59 per cent) and an extension (47 per cent).
Lloyds TSB director of personal loans David Wishart remarked on what has been a "significant increase" in such loans.
"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," he said.
This comes as Moneyfacts has stated that 14 different money lenders have increased loans rates over the last two months.
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