People are spending an increasing amount of money on DIY projects, new figures show.
Research released by Lloyds TSB reveals that while the total amount spent on home maintenance – whether they do this themselves or hire tradesman – has risen by about ยฃ2.5 billion to ยฃ16.6 billion between 1998 and 2008, while less is being splashed on getting the professionals in as such spending has fallen 11 per cent during this length of time to ยฃ5.7 billion.
On the other hand, Britons appear increasingly willing to spend money on doing DIY themselves as money spent on DIY projects has risen 42 per cent to ยฃ10.9 billion.
Nitesh Patel, economist for Lloyds TSB, states: “Total spending on home maintenance has increased substantially over the past decade, though homeowners are increasingly looking to undertake the work themselves instead of contracting to tradesmen.”
In particular it appears those living in the south-west are ready to splash the cash on DIY, with the total amount spent on home improvements in this pat of the country standing at ยฃ695 in 2006 and 2007, compared to the national average of ยฃ521.
Meanwhile, recent research from Sainsbury’s Bank revealed that a total of ยฃ4 billion in personal loans were taken out for the purposes of paying – either partially or in whole – for home improvements in 2008.