Sharp Increase in Home Improvement Loan Applications

According to David Wishart, Director of Lloyds TSB Personal loans, there has been a sharp rise in the number of personal loan applications from homeowner customers seeking to use the money to improve their property in the first half of 2008.

This contrasts with research carried out by Lloyds TSB which says that 59% of property owners who have considered moving have decided not to move at the present time and effectively put any moving plans on hold. Half of these instead are intending to carry work on their homes instead.

This is further confirmation of the downturn in the housing market and evidence that many house owners are sitting tight and taking out either personal or secured loans to improve property to either stay put or to invest further in the property by conducting cosmetic makeovers or adding conservatories or additional rooms.

On a related topic, it has been widely speculated in the popular press this week that the UK Government may abolish stamp duty temporarily in order to get the housing market moving, only time will tell!