Saturday, June 25, 2011
Category:
Home Improvements
New research by Lloyds TSB has shown that total DIY expenditure by UK households has dropped to its lowest level since 1998. Findings have shown that in 2010, the total sum of household spending on DIY stood at £9.5 billion, which is equivalent to £352 per household. In real terms, this reportedly represented a 13 percent reduction from the £10.9 billion outlay in 2009.
The research also uncovered that there has been a 9 percent overall reduction in home maintenance expenditure (including DIY and tradesmen’s services) over the past year, from £17.8 billion in 2009 to £16.2 billion in 2010. During the same period, spending on tradesmen’s services reportedly fell by 3 percent, from £6.9 billion to £6.7 billion.
It has been revealed that ‘over the past decade, UK households have increasingly looked to undertake home maintenance themselves instead of paying for tradesmen's services’. In real terms, UK households reportedly spent 7 percent more on tradesmen’s services than DIY in the year 2000. In contrast, it was found that UK households spent 41 percent more on DIY than on tradesmen’s services in 2010.
Further findings included the fact that between 2009 and 2010 households’ expenditure on materials, such as paint and wallpaper, dropped to £5.6 billion, which marked a 15 percent reduction in real terms. A 9 percent fall in expenditure on DIY equipment, such as power tools, was also recorded over the same period.
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Homeowners who would like to embark upon projects in and around their property, but do not have the money required, could consider taking out a secured loan to finance the work. One of many finance options available, a secured loan for
home improvements could pave the way to that ideal home. For example, borrowers who have been hankering after extra living space could extend their property, add a conservatory or convert an unused room or attic space. Furthermore, homes could be completely redecorated and refurbished in line with personal tastes and lifestyles if desired.
