Personal loans to increase house size

British homeowners are set to increase their house size before the end of the recession, according to AA Personal Loans research.

The research found that 25% of homeowners are set to increase their house size before the end of the recession.

People are reacting to the drop in house prices by changing their longer term view of their property and treating it more as a home than simply as an investment.

Nearly a quarter of homeowners are looking to add an extra room, primarily to be used for entertaining, as a bedroom or a home office.

According to AA Personal Loans, nealy 5 million people have decided not to sell their property as a result of the recession and falling house prices.

Over 6 million people plan to renovate their property within the next year.

Head of AA Personal Loans, Mark Huggins, commented ‘Building an extension may involve a significant outlay to start with however, in the short term owners will be making their property more comfortable for themselves and in the long term they are adding value.

As well as AA Personal Loans, there are many providers of home improvement, unsecured personal loans, including Sainsbury’s Bank, Alliance and Leicester and Black Horse (part of the Lloyds Banking Group).

Personal loans are available for differing amounts, usually from around 5,000 to 25,000+, depending on the provider and your specific circumstances.