1 in 10 home renovation projects from the past 12 months are still not completed
UK a procrasti-nation when it comes to home renovations
• 1 in 10 (10%) home renovation projects from the past 12 months are still not completed(1)
• Lack of money caused 36% of unfinished projects(1)
• Nectar members can take advantage of beneficial interest rates on Sainsbury’s Bank loan repayments up to five years(2) (3)
One in 10 (10%) home renovation projects from the past 12 months remain unfinished, according to new research by Sainsbury’s Bank Loans.(1)
The study found renovation projects take an average of six weeks to complete and only 56% were completed to the intended deadline.(1)
Redecorating living areas was the most common project undertaken in the past 12 months, along with gardening and landscaping. These were followed by bedroom redecoration and new flooring.(1)
When asked about how the length of their renovation project made them feel, 53% of respondents offered a negative answer – from stressed (17%), annoyed (9%), worried (7%), depressed (5%) and feeling like it would never be finished (15%).(1)
When it came to the financial aspect, 18% of people blamed money issues for the work taking longer than planned, while 36% of people with an unfinished renovation project said that this was due to a lack of money.(1)
Separate Sainsbury’s Bank Personal Loans data found customers spent an average £12,485 on loans for home improvements in 2019. Loans can be a good option for home improvements as they can enable homeowners to borrow a set amount at a rate they can afford over an agreed timeframe. Loan rates continue to be low so they can help people to manage their build budget and bring projects in on time and on budget.
Jason King, Customer Director at Sainsbury’s Bank said: “Home renovations are a great way of making better use of space, changing your home to fit your needs or adding value to the property. But, as our research shows, all too often these projects can bring stress and worry due to the time and money needed to complete them.
“Making a project plan and setting a budget in advance are two ways of trying to keep on top of the work, but when things change or problems happen it’s important to look in the right place for advice or financial support. A personal loan can be an affordable way to fund your project and keep the renovations on track.”
Nectar members looking for a home renovation loan of between £7,500 and £25,000 can secure preferential interest rate of 2.9% APR Representative on their repayments through Sainsbury’s Banks loans when repaying in instalments of up to five years.(3) Other terms and loan amounts are available at different rates.
ENDS
For further information, please contact:
Sainsbury’s Bank press office 0131 286 0010 / [email protected]
Notes to editor:
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.
(1) Sainsbury’s Bank commissioned research by Opinium of 2,004 UK adults between 20 and 30 December 2019
(2) Loans are provided, subject to status by Sainsbury’s Bank plc, operating from PO Box 4955, Worthing BN11 9ZA. Written quotations are available on request. To apply you must be at least 18 and a UK resident (excluding the Channel Islands and the Isle of Man). Sainsbury’s Bank reserves the right to vary rates without notice. The rate you are offered will depend on your personal circumstances, credit assessment procedures and other related factors. Your application will not be considered without a phone number.
(3) Rates correct at time of print. Nectar members qualify for the lowest APR interest rates on each quotation. The Representative 2.9% APR applies to loans of £7,500 – £25,000 up to 5 years for Nectar members.
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Sainsbury's was the first major supermarket to open a bank in the UK in February 1997. Our range of financial products includes credit cards, savings and loans, as well as travel money, and car, home, pet, travel and life insurance which we provide online and by telephone. We offer Sainsbury’s shoppers great deals and rewards for choosing to shop and bank with us.
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Sainsbury's Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury's Bank plc is covered by the Financial Services Compensation Scheme (FSCS).