Households spent £5.5bn on DIY last year, 10% more than in 2013
Households spent a total of £5.5bn on DIY in 2014 – equivalent to around £200 per household. This was an increase of 10% in real terms from the total of £5bn spent in 2013. Although this was the highest annual total for six years, it was still significantly below the peak of £6.8bn in 2008 and was 9% lower than a decade ago (£6.1bn in 2004).
Spending up on DIY tools and materials
Spending on tools and equipment for home improvements increased by 9% from £4bn in 2013 to £4.4bn in 2014. Real spending on DIY materials increased by 10% from £1bn to £1.1bn.
Little change in spending on tradesmen
Expenditure on tradesmen's services, at £1.4bn, increased only slightly, by1%, between 2013 and 2014. This means that for every £1 spent on tradesmen, almost £4 (£3.92) is spent on DIY tools and materials.
Overall home maintenance spending up by 8% in 2014
Total spending on home maintenance increased by 8% to £6.9bn in 2014 from £6.4bn in 2013. This was the third successive annual increase, taking overall spending on home maintenance to its highest level since 2008 (£7.2bn).
The past ten years have demonstrated how spending on home maintenance has a strong link to the performance of the housing market. Spending reduced by around 36% between the height of the housing market in 2007 (£8.3bn), and the bottom of the market in 2011 (£6.1bn). As the housing market picked up between 2011 and 2014, spending on DIY increased by 13% to bring home maintenance spending closer to 2004 levels.
Home maintenance spending down 5% since 2004
Total spending on home maintenance is 5% lower than ten years’ ago, at £6.9bn in 2014, compared to £7.2 billion in 2004. This decline has been entirely due to a fall in expenditure on materials, which dropped by more than a third (35%) over the decade. In contrast, spending on tradesmen’s services increased by 20%, while spending on tools in 2014 was at the same level as in 2004.
Andy Hulme, mortgages director at Lloyds Bank, said: “The latest figures provide further evidence that people are continuing to increase their spending on DIY and home improvements as the economy and housing market pick up, with DIY spending increasing by 10% in the last year. This followed a sharp fall in spending between 2007 and 2011, which reflected the worst of the economic and housing downturns during this period."
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