DIY spending up 76% in a decade
Spending on DIY in the UK has increased by 76 per cent during the last decade, even allowing for increases in prices.
Rumours currently abound that Brits are falling out of love with DIY, but during the last ten years spending rose from £6.4 billion to £11.3 billion, according to research by Halifax.
DIY spending is now double that of spending on tradesmen, compared with 1995 when spending on them was level.
Recent profit warnings by some retailers have coincided with surveys suggesting that Brits no longer have the time to spare for major DIY projects.
And Halifax's research shows that DIY spending fell in 2005 - down one per cent in real terms - as the housing market slowed.
But the research shows just how far the DIY market has come over the past ten years, with the increase in DIY spending nearly twice the 41 per cent increase in total consumer spending during the same period.
Purchases of DIY tools rose by 126 per cent during the past decade to £4.2 billion, while spending on materials rose by 56 per cent to £7.1 billion.
In 1995 DIY accounted for one per cent of consumer spending, but by 2005 this had risen to two per cent.
"Spending on DIY has risen substantially over the past ten years, although there was a pause in spending in 2005, in line with the slowdown in the housing market," said Tim Crawford, group economist at Halifax.
"Spending on DIY is now double the spending on trades services."
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.
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- diy ,
- household ,
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- property ,
- renovation home improvement
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