Sainsbury's Predicts Growth in Home Improvement Spending
Report from Sainsbury's Bank predicts a 39% rise in spending on home improvement
12th September 2005
A new report by Sainsbury's Bank predicts that spending on home improvements is set to rise by 39%, with a total of nearly £80bn to be spent in the next 6 months.
Of this, the bank predicts that around £13bn will be financed by personal loans and credit cards, and Sainsbury's say that home improvements is one of the most popular reasons given by customers who apply for loans with them.
Rachel Brereton, the loans manager at Sainsbury's Bank warned that people borrowing to pay for home improvements should take care:
"Our research shows that £13.2 billion of planned home improvement expenditure over the next six months will be financed through credit cards and loans. However, in the excitement people can often forget to shop around for competitive finance offers, which can cost them thousands of pounds in unnecessary interest repayments."
Read More: Sainsbury's Press Release: 39% increase in home improvement expenditure
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