DIY spend hits 15 year low
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by Gill Montia
Spending on DIY has declined to its lowest level in over 15 years, according to research from Lloyds TSB, with the continued squeeze on household finances and a subdued housing market blamed for the squeeze.
Last year saw a total DIY spend of around £7.8 billion, equating to a miserable £300 per household, and with the figure at its lowest since the bank’s records began in 1996.
Allowing for inflation, spending fell by 17% compared with 2010, reflecting significant declines in the purchase of both DIY tools and materials.
Real expenditure on tools and equipment for home improvements shrank by almost a fifth, to £3.1 billion, and spending on DIY materials declined 16% compared with 2010, to £4.7 billion.
In contrast, expenditure on tradesmen’s services rose by 1% in real terms, from £6.97 billion in 2010 to £7.04 billion in 2011, having bucked its long-term trend.
Lloyds TSB housing economist, Suren Thiru, comments: “With economic conditions expected to remain challenging, the current squeeze on spending on both DIY and tradesmen is likely to continue for some time yet.”
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