DIY spending drops to 15 year low

The amount spent on DIY by homeowners in the UK has dropped to a 15 year low, according to new research.

A report published by Lloyds TSB last week found that households across the country spent a total of £7.8 billion on DIY, or £300 per house, the lowest total since records began in 1996. Compared to 2004, when £15.5 billion was spent on DIY in the UK, the figures represent a significant fall in home improvement as financial worries tighten people's purse strings. Indeed, DIY spending has fallen by 17 per cent, allowing for inflation, from 2010.

Lloyds TSB Housing Economist Suren Thiru commented: "Consumers have been experiencing the biggest squeeze on their discretionary income for over a year. Couple that with a very subdued housing market, and it is unsurprising that so many are cutting back on home improvements. With economic conditions expected to remain challenging, the current squeeze on spending on both DIY and tradesmen is likely to continue for some time yet."