Lloyds TSB Personal Loans Reveal Loans for Home Improvement Projects
Soar
Released
on: August 6, 2008, 2:18 am
Press
Release Author: Lloyds
TSB
Industry:
Financial
Press
Release Summary: Lloyds TSB Personal Loans has revealed that UK
estate agents are losing out as homeowners are taking their property
off the market and loans for home improvement projects soar.
Press
Release Body: New research from Lloyds TSB Personal Loans
has revealed that over half (55 per cent) of estate agents nationwide
have reported an increase in homeowners taking their property
off the market in favour of making home improvements.
Lloyds TSB
Personal Loans, surveyed 500 UK estate agents and
over 1000 home owners to understand how would-be sellers are responding
to the cooling housing market*. The research is published as Lloyds
TSB revealed a 19 per cent, year on year increase
in personal loan applications for home improvement projects.
The findings reveal that three in five (59 per cent) homeowners
who had been looking to sell their property have put plans to
move on hold due to rising concerns over property prices. Half
of those staying put are opting to renovate their existing property
instead.
Fifty five per cent plan to undertake improvements to boost chances
of a sale in the current less buoyant market. However, almost
a quarter (23 per cent) admit they are adapting their property
to accommodate changing lifestyle needs and are keen to recoup
any potential fall in house prices by adding long term value.
David Wishart, director of personal
loans at Lloyds TSB, said: “In recent months
we have seen a significant increase in home improvement personal
loan requests. For the last decade homeowners have been able to
sit back and rely on rising property prices to increase the equity
in their home but sadly this is no longer possible. If you want
to trade up and avoid substantially increasing your mortgage,
you’ll need to add value to the house you're currently in."
TV presenter and property finder, Phil Spencer,
commented on the research: “The current cooling of the
property market is making homeowners think twice about selling
up and many are opting to improve instead. In a buoyant market,
people taking on a home improvement project could get away with
less than perfect preparation or some slapdash sums, as their
mistakes were covered by rising property prices. However, in today’s
environment it is vital you plan any project thoroughly to ensure
maximum return on investment.”
Lloyds TSB quizzed both estate agents and homeowners
on the features most likely to help a property sell in the current
climate. The findings reveal the top improvements likely to appeal
to buyers are:
New
kitchen (79%)
New bathroom (59%)
Extension (47%)
Loft conversion (29%)
Re-decorate (25%)
David Wishart continued: “Whether the
motivation is a quick sale, adding long term value or accommodating
changing lifestyle needs, it’s vital homeowners consider
the financial investment they’re about to make. A personal
loan can provide a hassle free, affordable way of spreading the
cost.”
To help homeowners add value to their home Lloyds TSB
personal loans has teamed up with Phil Spencer
to create the Move
or Improve Guide, offering practical advice and insider
tips on the do’s and don’ts of home improvement. An
audio podcast and PDF version of the guide is available to download
free of charge.
Notes to editors:
*
1081 homeowners surveyed by Tickbox.net in June 2008. 500 UK estate
agents surveyed by The Survey Shop in June 2008.
About
Lloyds TSB Student banking
Lloyds TSB Bank plc and Lloyds TSB
Scotland plc are authorised and regulated by the Financial
Services Authority and signatories to the Banking Codes. Lloyds
TSB Bank plc Registered Office: 25 Gresham Street, London
EC2V 7HN . Registered in England and Wales no. 2065.
Web
Site: http://www.lloydstsb.com/
Contact
Details: Amanda Glover
Media Relations Manager
Lloyds TSB Press Office
25
Gresham Street
London
EC2V 7HN
020 7356 2021