DIY spending at lowest level since 2000

Spending on DIY fell for the fifth-successive year in 2012, according to new research by Lloyds TSB.

The boom in DIY spending inspired by flamboyant characters such as Changing Rooms’ Laurence Llewelyn-Bowen is over, after spending on tools, decorating and building materials slumped to its lowest level since 2000.

Spending on DIY fell for the fifth-successive year in 2012, according to new research by Lloyds TSB, with households spending a total of £10.5bn on DIY and improvements last year. This is equivalent to £400 per household. The news makes grim reading for B&Q owner Kingfisher and Home Retail Group’s Homebase, which have been hit by poor weather so far this year – despite the sunnier conditions this weekend.

“The continuing squeeze on discretionary incomes and the subdued state of the housing market is causing many householders to reduce their spending on home improvements,” Nitesh Patel, Lloyds TSB housing economist, said. “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.”

Since the peak spend of £15.5bn in 2004 – the year the BBC took Changing Rooms off air – expenditure on home improvements has slumped by a quarter.

Source : Garry White – The Telegraph
www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10038957/DIY-spending-at-lowest-level-since-2000.html