DIY spending rises 10pc
After shelling out £5bn in 2013 households spent £5.5bn on DIY in 2014 – an equivalent £200 per household.
In tomorrow’s Queens Speech an announcement is expected to be made giving people planning permission to self-build or commission a local builder to construct a home.
Spending on tools and materials increased by 9% to £4.4bn but on tradesman it stood largely unchanged at £1.4bn.
Andy Hulme, Lloyds Bank mortgages director, said: “The latest figures provide further evidence that people are continuing to increase their spending on DIY and home improvements as the economy and housing market pick up, with DIY spending increasing by 10% in the last year.
“This followed a sharp fall in spending between 2007 and 2011, which reflected the worst of the economic and housing downturns during this period.”
DIY spending peaked at £6.8bn in 2007.