Lloyds TSB have revealed that an increasing number of Britons are taking out loans so they can make DIY improvements to their homes.

Figures released by the bank show loan applications for home improvement work have shot up by19% during the first half of 2008.

This follows the news from Nationwide which has revealed that UK house prices have fallen for the ninth consecutive month, its biggest fall since the beginning of the 90's. Instead of buying and selling, homeowners are forced to boost the standard of their property, in order to prosper in the current housing climate.

David Wishart, director of personal loans at Lloyds TSB, commented: ''there is a considerable increase in home improvement personal loan requests has been noted in recent months.''

''The decade-long housing boom has meant that homeowners have been able to sit back and rely on rising property prices to boost the equity in their home but this is no longer a possibility.'' added Mr Wishart.