Half of homeowners plan home improvements

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by Gill Montia

New research from Nationwide Building Society indicates that around half (47%) of homeowners are choosing to make home improvements within the next year, compared to just 8% of people who are planning to move.

Among those planning improvements, 72% want to update or modernise their décor, while one in 10 (9%) are running out of space in their property.

According to the building society, the most common amount borrowed for a home improvement personal loan is around £10,000 over five years, and most people will be approaching their bank for a loan.

However, shopping around can save money as Nationwide found a £1,093.20 difference between the cheapest and most expensive personal loans offered on the above basis, across leading High Street lenders.