Brits 'choose home improvement over selling-up'

By Sarah Engle, Mon 4 Aug 2008 - Published in Loans

As the housing market stalls, more homeowners are deciding to stay put and carry out renovations, according to new research.

A report by Lloyds TSB Personal Loans has revealed some 55 per cent of estate agents said they had clients who had taken their houses off the market in order to conduct home improvement work.

Meanwhile, the bank has witnessed a 19 per cent rise in the number of personal loan applications from homeowners keen to carry out renovations on their properties.

The poll also found 59 per cent of homeowners who were looking to sell had decided put their plans on hold until economic conditions improved.

Of those homeowners, half were intending to carry out work on their current property in order to increase its worth.

David Wishart, director of personal loans at Lloyds TSB, said it was no longer possible to sit back and watch the value of a property increase without putting in the work.

He stated: "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."

Elsewhere, Savills has warned until economic conditions in the UK right themselves the housing market will continue to struggle.

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