£5.5bn Spent On DIY

Spending on DIY equipment increased by 10-percent in 2014.

For every £1 spent on tradesmen last year, £4 was spent on DIY materials. The figures released by Lloyds bank show we're a nation of home improvers, preferring to get the job done ourselves than call on professional help. £5.5bn  was spent on equipment ranging from lawnmowers to tools, with £1.4bn spent on plumbers and plasterers. The figures also show that the amount we spend on DIY corrolates with the housing market. Property prices rise with home improvement expenditure.

Overall home maintenance spending rose by 8% in 2014. This was the third successive annual increase, taking overall spending on home maintenance to its highest level since 2008 (£7.2 billion). 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."