Friday, September 8, 2006
Category:
Home Improvements
Research from Halifax published in April this year shows a 76% increase in spending on DIY. In real terms, spend has increased from £6.4bn to £11.3bn.
Tool purchase is revealed as the highest climber within the DIY segment, with an increase of 126% in the last decade to £4.2bn. Actual spend on DIY materials saw a 56% increase to £7.1bn.
The research from Halifax has shown that spending differs from region to region with home owners in London spending the most on repairs and maintenance of their homes. Home owners in the South East came second to London and those spending the least live in Scotland and the North East.
Though spending on DIY has increased by 76% in the last decade, the English Home Conditions Survey, (EHCS) states that more than 6 million homes did not meet survey requirements and are classified as non-decent. Private sector housing stock is improving at a slower rate than the social sector. The majority of houses fail on the standard of thermal comfort they provide.
Commenting on the results of the Halifax survey, Tim Crawford, Group Economist at Halifax said: ‘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. Spending on DIY is now double the spending on trades services. DIY spending is highest in the South of England, although there have been increases in DIY spending in the North of England and Scotland and Wales, reflecting the recent strength in housing markets in these regions.’
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For home owners looking to fund their next big DIY or home improvement project, a
secured loan could provide them with the finances they need to complete work. With carefully selected improvements, homeowners might even discover that they add value to their homes. Home owners who would like to add an extension, loft conversion or even a garden room to provide extra space needed for a growing family or entertaining, will find that a secured loan can usually be paid back over a term to suit them, allowing them to sit back and enjoy their home improvements.
