Sunday, May 14, 2006
Category:
Home Improvements
The amount spent by Britons on DIY in the last ten years has soared, a new study has revealed, with many homeowners hoping to increase the value of their property.
Research by Halifax has found that spending on DIY has escalated by 76 per cent over the last decade, even after allowance for the rise in prices.
Spending has increased from £6.4 billion to £11.3 billion in the last ten years, as the competitive housing market encourages Britons to make improvements to their homes in order to boost its value.
"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," remarked Tim Crawford, group economist at Halifax.
DIY spending is strongest in the south of England, while rises have also been seen in the north of England, Scotland and Wales.
Homeowners wishing to make a considerable change to their home, such as a loft conversion or new kitchen, may wish to look at home improvement loans as a way of financing the project.
