DIY spend hits 15 year low

Permalink: DIY spend hits 15 year low
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.”