11 Feb

Home improvements 'preferred to selling'

Home improvements 'preferred to selling'

Homeowners are increasingly choosing to make improvements rather than sell their property, it has been suggested.

Sainsbury's Finance has observed a rise in the number of loans being taken out for this purpose, with the value of finance granted exclusively for carrying out such work up by 22 per cent last year.

The number of loans that were at least partly for home improvements increased by 53 per cent to pass the one million mark in 2008, it was revealed.

And Steven Baillie, head of loans at Sainbury's, stated: "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."

But he noted that homeowners could also be trying to add value to their property, in order to maximise their selling potential when the market recovers.

FindaProperty.com recently observed that falling prices are combining with the increased availability of mortgages to generate more interest among buyers.

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