You are here: Home - Mortgages - Remortgage - News -

Home improving beats home moving

0
Written by: Christina Hoghton
24/03/2016
Britain is a nation of DIY enthusiasts, with home improvement spending rocketing in the last 20 years.

Brits favour home improving over home moving, as DIY spending has soared 42% in real terms since 1996 to reach an average of £211 per person in 2015, according to research from MBNA.

Since 2008, property sales have increased by 39 per cent, hitting 1.1 million across the UK in 2015. By contrast, spending on DIY has seen massive growth of 57 per cent over the same period.

Middle-aged men dominate

Men continue to account for the majority of DIY-related purchases with 69 per cent of all transactions, spending an average of £267 in 2015. Women spent just £120 on DIY in 2015, a decrease of 6 per cent over the past two decades.

The report also noted that 45 – 60 year olds are the keenest home improvers, making 4.8 per cent of their total purchases on DIY and spending an average of £240 on DIY each year. Conversely, the under 30s spent only 2.8 per cent of their annual budget on DIY, a mere £108 per year. This sum has actually decreased by 32 per cent since 1996.

Alan North, director of credit and analytics at MBNA, said: “Movements in DIY spending over the past 20 years have been driven by a range of factors including economic growth, rising incomes, online shopping, special offers and, of course, the numbers of people moving home.”

“Innovation and new technology have also made it easier for us to ‘do it ourselves’. Innovation will continue to drive demand in the DIY market. Popular DIY items have changed markedly over the years, driven in part by the advent of new technology and web functionality. Today’s hits include Wi-Fi-enabled alarms, digital laser measuring devices and LED lighting, items that did not exist back in 1996.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Is your home safe for your kids?

Last year 750,000 under-5s attended A&E as a result of accidents in the home.

Close