A new study by Sainsbury’s Finance has revealed that one in five personal loans taken out from the supermarket between the first half of this year went towards home refurbishment projects. During the first half of this year, the value of personal loans went up by 12% and the average loan now stands at £9225.
The Head of Loans at Sainsbury’s, Steven Baillie stated that British people are delaying buying major items at the moment. However, it seems that Britons are far more willing to spend money on their homes because despite the increasing positivity in the housing market, people prefer to improve their homes rather than moving.
Britons generally perceive DIY as a means to save money on home improvements, with people generally spending more on home improvements that will save them money on energy bills. Home improvements that improve on energy efficiency include double glazing, solar energy, roof insulation and other things.