Bank reports increase in home improvements loans

There has been a rise in the number of people taking out home improvements loans, according to a high street bank.

Research from Lloyds TSB Personal Loans has found a 19 per cent increase in homeowners taking out extra money to spruce up their house, with a new kitchen the biggest reason.

According to the institution, 79 per cent want an improved place to cook, 59 per cent a new bathroom and 47 per cent an extension to their property.

David Wishart, Lloyds TSB director of personal loans called the rise in loans a "significant increase".

He said: "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."

Meanwhile, consumer website Moneyfacts has revealed that 14 different lenders have upped loan rates since May.



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