Consumers May Be Splashing Out On New Stoves

Stoves can look great in homes, and they’re also an effective source of warmth, not to mention hot water in some cases. It’s no wonder then that many houses and flats around the country feature these products.

Indeed, demand for the appliances may be especially high now. Research released by Sainsbury’s Bank has indicated that a rising number of people are taking out personal loans to fund home improvements.

According to the organisation, 19 per cent more people took loans last year for this reason than in 2011. The average amount borrowed also increased from £8,792 two years ago to £9,024 in 2012.

Meanwhile, Sainsbury’s Bank went on to claim that more people may be deciding to stay put rather than move into new homes. It noted that, year-on-year, there was an increase of 22.8 per cent in the number of people taking loans to improve their homes. In contrast, Council of Mortgage Lenders showed a rise of just 1.4 per cent in mortgage lending.

Consumers who decide to stay in their properties rather than up sticks and move on may want to invest in new wood burning stoves and other similar products to enhance their abodes.

Commenting on the findings, head of loans at Sainsbury’s Bank Steven Baillie said: “Our research shows that, year-on-year, more people are looking to invest in their property and carry out home improvements. As well as the obvious improvements to standard of living, home improvements can add real value to a property. We’d encourage those planning work to shop around to ensure they see the best possible return on their investment.”