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Borrowing for home improvement rockets
Sainsbury’s report a massive 53% increase in unsecured loans during 2008 (over 2007) and around 1.1 million of these loans were taken to partly or wholly fund home improvements.
Steven Baillie, head of loans at Sainsbury’s, said: “It is well-documented that the housing market struggled last year and our figures might suggest that people have decided to stay put and make the most of their existing homes.
“It may also suggest however that they’re trying to add value to their current homes in order to get a better price for them when the property market recovers.”
In all, Sainsbury’s extended £11.3 billion in personal loans for home improvement purposes last year.
February 15, 2009 at 10:40 am | Home Equity Loan, Unsecured Loans | No comment
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