People are increasingly borrowing to make home improvements, suggesting that homeowners feel confident enough to invest in thier properties.<\/p>\n
Using borrowed cash to make home improvements was particularly popular last year, though credit consolidation was the most common reason to borrow money.<\/p>\n
The data, from Pure Property Finance, found there\u2019s been 21% increase in average secured loan sizes in three years. Home improvements are a common reason to use secured loans.<\/p>\n
Tom Rowlands, specialist property finance broker at Pure Property Finance, said: \u201cThe stabilisation, and more recently the reduction, of interest rates by the Bank of England has helped improve affordability and encouraged borrowers to take a longer-term view when accessing finance.<\/p>\n
\u201cThis means they\u2019ve been able to borrow more, paying slightly less interest and finally make any big home improvements or house purchases that they\u2019ve been putting off for the last few years.\u201d<\/p>\n
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In 2024 buying properties at auction was common, while in 2023 borrowing was primarily driven by investment purchases.<\/p>\n
Rowlands added: \u201cWhat we\u2019ve seen over the last few years is a clear shift in mindset. Clients aren\u2019t just borrowing to push ahead at all costs anymore.<\/p>\n
\u201cIn 2024 especially, a lot of conversations were about stabilising finances, consolidating debt and protecting existing assets.<\/p>\n
\u201cMore recently, we\u2019re seeing cautious confidence return. People are still price-conscious and risk-aware, but they\u2019re starting to think strategically again, whether that\u2019s improving their home, refinancing more efficiently or taking advantage of opportunities where value exists.<\/p>\n
\u201cSpeed and clarity have become just as important as price. Clients want to know where they stand quickly, and they expect a smoother, more joined-up process. That\u2019s driven big changes in how brokers, lenders and partners operate.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
People are increasingly borrowing to make home improvements, suggesting that homeowners feel confident enough to invest in thier properties. Using borrowed cash to make home improvements was particularly popular last year, though credit consolidation was the most common reason to borrow money. The data, from Pure Property Finance, found there\u2019s been 21% increase in average […]<\/p>\n","protected":false},"author":1,"featured_media":7593,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n