Spending on DIY goods hits 12-year low
DECORATING, putting up shelves and fixing leaky taps are typical Bank Holiday activities...but not this year, it seems, as spending on DIY goods plunges.
The squeeze on incomes during the economic downturn and a lack of movement in the property market pushed DIY spending down for the fifth year running in 2012.
It is at its lowest level since 2000, claims a study by Lloyds TSB.
Britons spent a total of £10.5billion on DIY last year – equivalent to about £400 per household – a fall of eight per cent, allowing for inflation, from the £11.3billion in 2011.
The sum in 2012 was a third lower than the peak of £15.5billion in 2004.
Spending on DIY tools, ranging from plumbing equipment to garden trimmers, dropped six per cent from £3.6billion in 2011 to £3.4billion in 2012.
And the outlay on materials, such as paint and plaster, fell nine per cent from £7.7billion to £7billion.
Paying local plumbers, electricians and carpenters was also down from £7.8billion to £7.2billion and the total spend on home maintenance plummeted from £19.1billion to £17.7billion.
Nitesh Patel, Lloyds TSB housing economist, said: “With economic conditions expected to remain challenging, the current squeeze on spending on DIY and tradesmen is likely to continue for some time yet.”