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LOANS FOR HOME IMPROVEMENT IS THE FASTEST GROWING SEGMENT Banking & Payments Federation Ireland (BPFI) have recently published the BPFI Personal Loans Report for Q4 2021. The new report, which will be issued on a quarterly basis, details the volume, values and uses of personal loans drawn down from participating BPFI member banks. Loans for home improvement is the fastest growing segment increasing in value terms by 20% to ¤462 million. The following are the key figures: Total loans • A total of 39,803 personal loans were drawn down in Q4 2021 valued at ¤344 million representing an increase of 34% in volume and 20% in value year on year. • Looking at 2021 as a whole more than 140,000 personal loans were drawn down in 2021, 12% more than in 2020. The value of drawdowns rose by 13% to almost ¤1.4 billion. • The average personal loan fell to ¤8,652, the lowest level since the data series began in 2020. Home Improvement loans • In Q4 2021 some 11,906 personal loans worth ¤116 million were drawn down for home improvements, some 34% higher in volume terms and 20% higher in value terms than in Q4 2020.
TRADEX ARE DISTRIBUTORS OF PROTECTiT RANGE Tradex Paint & Décor Supplies is a second-generation family run business, specialising in the sale and distribution of Paint and Décor supplies throughout the island of Ireland. A culmination of 50 years in the Painting & Decorating Business, over 30 years in retail and almost 20 years in wholesale, makes them experts in their field. They understand the market and are constantly evolving to meet market needs. As a family business, they punch above their weight, are agile in their approach to pre-empt and meet new market trends and go over and above to meet their customers’ expectations. They stock a wide range of bespoke own branded décor products and partner with market leading brands including Purdy, ArroWorthy, Zinsser, PX and Sait. They are proud sole
March/April 2022
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Over the course of 2021 loans for home improvement were the fastest growing segment, increasing in volume terms by 24% to 43,336 and in value terms by 20% to ¤462 million. The average home improvement loan was ¤9,748 in Q4 2021 down from ¤10,899 on the fourth quarter of 2020.
Commenting on the report, Brian Hayes, Chief Executive, BPFI said: “The report is a brand new set of data published by BPFI providing a comprehensive overview of the numbers and types of personal loans which are being drawn down by consumers. For the first time ever these new figures are giving us an insight into the significant scale of personal lending by BPFI members, with current loan volumes equating to 2,756 loans drawn down per week, 833 of which are for home improvements. We plan to publish this data on a quarterly basis and expect to see some interesting trends emerging over time. The Covid-19 restrictions had a substantial negative impact on lending activity especially in Q2 2020 but with improving consumer confidence, we expect demand for personal loans to increase in 2022.” Download the BPFI Personal Loan Report time series https:// bpfi.ie/wp-content/uploads/2022/02/BPFI_PersonalLoan_ Drawdowns_time_series_Q4_2021.xls. or see www.bpfi.ie for further details. distributors of the hugely successful Blockade and RockTop ranges by Smith and Rodger, one of the oldest family run manufacturers of paints in the UK. Established in 1877, they have continued to invest in research and development across all its sectors. Tradex are also distributors for the PROTECTiT range of products including ‘Clean & Protect Roofs’, a professional grade algae, mould, lichen remover and a surface sealer all in one. The professional formula is designed to cleanse heavy surface contamination along with providing a breathable protective seal on roof surfaces. Come visit them at Stand E30 at The Hardware Show where they will be show-casing their full range of innovative products. For further information please contact Rory McMahon on 086 3797795 and visit www.tradex.ie / www.protectitsp.ie .
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