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Now could be the right time for Britons to take out a loan and start work on any home renovations that they may have been promising to do.

Indeed, a recent report by the Land Registry has noted that the average UK house price in November represents a 12.2 per cent decline from the same period in 2007 and a 1.9 per cent drop since October.

And while secured loans are potentially tied against a current property, such borrowing may be needed to cover the costs of home improvements to boost the value of a house once the market recovers.

This type of credit could not only be easier to obtain, but may also have a lower annual payment rate than other borrowing methods.

Furthermore, the Land Registry discovered that the value of homes have declined in every region in England and Wales.

Meanwhile, taking out a loan may be a necessity for some after David Kuo, head of personal finance at Fool.co.uk, said banks are going to cut available overdraft limits in 2009.