Home improvement loans up nearly 70%
One in ten will spend more than £5,000 on DIY this Easter
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Monday 25 March 2013
Nationwide has recorded a 69 per cent increase in home
improvement loans from the second half of 2007 to 2012. The average
size fothe loans increased by just over a fifth from £7,932 to
In new research from the lender, the Easter DIY list for Brits breaks down as follows:
* Just over half are planning painting and decorating
* Nearly four in ten will landscape the garden, put up fencing, lay lawn or patios
* 9 per cent plan on putting up a shed/outhouse
* Four per cent are planning on adding insulation to their homes
However, many people say they will be tackling bigger projects with 12 per cent planning to fit or replace a bathroom, a similar figure doing large scale work on the kitchen, and four per cent building a conservatory.
While 42 per cent are planning to spend up to £200, around eight per cent are spending between £1,000 and £5,000 and 11 per cent will fork out more than £5,000.
These projects will be funded in various ways - 37 per cent will use their wages, a third will dip into savings, 10 per cent will fall back on a credit card and three per cent will take out a personal loan.
"Easter has traditionally been a favourite time for DIYing," said Graham Pilkington, Divisional Director Banking, Insurance and Investments at Nationwide. "But what's most interesting is the growth in people taking out loans to fund bigger projects, such as new bathrooms and kitchens. The number of people moving house over the last few years has declined, so the increase in the number and size of personal loans suggests that homeowners are spending more to maintain and upgrade their current property rather than moving on."
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