Tim Wheeldon is joint managing director at Fluent Money
Recent reports have revealed that in the UK, more people are opting to renovate their homes as opposed to relocating.
Whilst the UK housing market has done well to stay reasonably on its feet during the recession, there can be no question that it has suffered. This year house prices have continued to fall, albeit more slowly than previously.
For many, moving house is still not a viable option, as it is proving difficult to both sell their homes and secure the necessary funds to move. For those people who need more space, renovation is a great alternative. Homeowners are also beginning to see the potential in making home improvements in order to increase the value of their home and sell it for a higher price further down the line.
As a result, a fantastic opportunity has arisen for brokers to help homeowners make these much increasingly sought after improvements.
With decent re-mortgages becoming increasingly difficult to come by, a secured loan is a great alternative for homeowners to access the funds that they might otherwise struggle to find. It is opportunities like these, to fill gaps in the market left by the traditional lenders, which will allow the secured loan industry to shift into the mainstream market.
As many people look for a fresh start in the New Year, home renovation may well be at the top of their list. If this trend continues, 2013 could be a year of renewed success for secured loans.
