An Englishman’s Home Is Becoming His Castle
In these uncertain times of recession and economic slow down, many homeowners in the UK have reviewed their plans with regard to moving house, particularly since the recent fall in property values and the lack of availability of suitable homeowner loans.
A recent survey conducted by AA personal loans has shown that a growing number of homeowners are now deciding to remain in their existing home and make improvements to that, rather than moving and the majority of these are carrying out the work in order to make their home a nicer place to live over the long term, instead of just trying to increase the value so they will be able to sell it in the future.
The survey from AA personal loans found that a growing number of individuals are taking out home improvement loans both on a secured and unsecured basis, depending on the magnitude of the work being carried out. The most popular projects seem to be extensions and loft conversions which will provide more living space, or office space to allow people to work from home. Of those surveyed, 57 per cent said they were improving their home for the comfort and luxury for their family, with only 32 per cent saying it was to increase the overall value.
Mark Burgess 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. Understandably, some people may not be keen to take out a personal loan at the moment, but additional bedrooms or reception rooms typically add the most value to a property and both can easily serve as an office, something that will benefit many who are changing their working habits.”
