Taking out a homeowner loan to improve houses can allow homeowners to move up the property ladder without the hassle and complication of moving house, according to Phil Jones, joint managing director of Nemo Personal Finance.
“Home improvements can provide homeowners with an alternative to moving house if they need to accommodate a growing family, or if they simply want more space,” Mr Jones said.
The company added that homeowners are now looking for ways to better invest funds into their current property as the cost of moving house continues to grow.
“Sometimes having a significant impact on the value of the home they already live in,” it said in a statement.
“And with so many television programmes inspiring British homeowners to stay put, improving what they already have, it’s no surprise that we’re turning into a nation of home improvement lovers.”
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