People improving not moving
The amount of money people spent on home improvements last year reached a massive £16.6 billion, reflecting a £2.5 billion increase over the past decade – and as the coming Easter weekend is traditionally one of the most popular times to do DIY and more people stay closer to home due to the credit crunch, this figure is expected to increase even further…
[UKPRwire, Fri Apr 10 2009] The amount of money people spent on home improvements last year reached a massive £16.6 billion, reflecting a £2.5 billion increase over the past decade – and as the coming Easter weekend is traditionally one of the most popular times to do DIY and more people stay closer to home due to the credit crunch, this figure is expected to increase even further…
According to Lloyds TSB, the number of UK properties going under DIY treatment has increased exponentially homeowners strive to avoid the costs of getting a tradesman in.
Over the last ten years, DIY spending increased drastically –by 42 per cent- whilst spending on builders fell by 11 per cent in real terms, from £6.4 billion to £5.7 billion between 1998 and 2008, suggesting that more and more people are keen to get their own hands dirty.
According to moneysupermarket.com, 43 per cent of people will not be able to afford to pay for much needed improvements to their home this Easter weekend - so even more may turn to the DIY approach this year.
Nitesh Patel, Economist at Lloyds TSB, said, “Total spending on home maintenance has increased substantially over the past decade, though home owners are increasingly looking to undertake the work themselves instead of contracting to tradesmen.
“DIY spending fell in 2008 in line with the current difficult economic conditions. Such spending can be delayed during difficult times; however this can only be postponed for a limited time,” he added.
Households in the south of England spend the most on DIY, although the recent strength of the housing market in Scotland, Wales and the north of England has also resulted in increased spending.
But be warned: don’t take on a job that you are not qualified to do, such as fixing electrics, as this could be dangerous and prove very costly to get someone in to fix a mistake.
Doing a job shoddily, such as laying flooring or painting, could cost you money when it comes time to sell your house on.
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Notes to editors:
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