Monday, October 30, 2006
Category:
Home Improvements
As bank holidays approach, the nation usually turns to DIY. A survey conducted by the Halifax in 2005 reveals that spending on home maintenance and repair has more than doubled in the last 20 years.
The figures show that during 2004, spending on home maintenance and repair increased by 5.8%, at £15.4bn, compared with the previous year’s spending of £14.5bn.
The survey also highlighted the key areas of spending: there has been a 134% increase during the last 20 years in spending on DIY materials and tools as opposed to a 51% spending increase on the services of tradesmen such as plumbers, electricians, carpenters and decorators. These recent figures reveal that the nation’s biggest spenders on home maintenance and repair are in the South East, with an average annual household expenditure of £633.50, compared to the North East who on average spend just £370.04 annually on home maintenance and repair.
These latest figures demonstrate a rising trend for consumers to roll up their sleeves and get stuck into home improvements. Martin Ellis, Halifax chief economist, commented: “There has certainly been a boom in spending on home maintenance and repairs over the past 20 years with a doubling in spending since 1984. Most of this increase has been in the form of DIY with households increasingly doing jobs around the home themselves. Although we are now doing more jobs ourselves, the actual amount of work done by tradesmen on home maintenance and repairs last year was almost identical to that in 1994.”
...........................................................................................................................
For those keen DIY enthusiasts looking to improve their homes over bank holiday weekends, a secured homeowner loan could provide the finances needed to get work completed. Secured homeowner loans can be used for all sorts of
home improvements whether it be a loft conversion, conservatory or an extension. Smaller projects such as refitting existing kitchens or bathrooms and redecorating can also be taken care of with a homeowner loan. Homeowners putting a secured loan to good use by carrying out some home improvements might even find that they add significant value to their homes.
