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DIY project spending at seven-year high

Created: 02/06/2016

Spending on DIY projects has hit a seven-year high since 2008 according to figures released by Lloyds Bank.

Spending on household improvements increased by 13 per cent to £5.8bn last year, equivalent to £210 per household, and has mostly been spent on DIY tools such as electrical equipment, plumbing tools and lawnmowers. This resulted in a five per cent advancement from £4.8bn in 2014 to £5.1bn in 2015.

Speaking to Property Reporter, Lloyds Bank Mortgage Products Director Andrew Mason commented: “Taking a DIY approach to home improvements helps cut costs and provides homeowners with the opportunity to put their own distinctive stamp on their property. Although we’re not quite back to the spending heights of about a decade ago, these latest figures do show sustained growth in home improvement spending over the past seven years. This indicates a growing confidence in the housing market and wider economy, in stark contrast to the sharp fall in spending between 2007 and 2011, which reflected the worst of the economic and housing downturns during this period.”

In turn, the last ten years have demonstrated a link between the development of DIY projects and the performance of the housing market and prices of properties across the country. During the regained strength of house prices between 2011 and 2015, spending on DIY increased by 18 per cent.

Total spending on home maintenance, improvements and repair increased by 0.3 per cent to £7.38bn in 2015 from £7.36bn in 2014.

Other areas of expenditure on DIY projects and maintenance included materials, handyman services, tools and machinery.

The figures follow the news that people are starting to purchase property in need of renovation, rather than spending their cash on either pre-loved properties or new builds, with the most common areas of the home for improvement being the kitchen, bathroom and carpets throughout. 

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