Cost of DIY soars
Posted: 20 Apr 2006 09:44:25 GMT
A culture of independence and self-sufficiency seems to have emerged in the UK, with spending on DIY rising by 76 per cent in the last ten years.
Research from the Bank of Scotland indicates that after allowance for the increase in prices, DIY expenditure has risen from £6.4 billion to £11.3 billion in the last decade, while spending on tradesmen fell by ten per cent in the same period.
Interestingly, the 76 per cent rise compares to an increase of just 41 per cent in total consumer spending since 1995, as Brits confirmed their reputation as DIY enthusiasts.
It seems that people are increasingly buying a house with a view to kitting it out in their own image, with those in and around London the most likely to tackle a task independently.
Last year, DIY accounted for two per cent of total UK consumer spending, up from one per cent in 1995 and there is no evidence that this hands on approach to homeownership is about to diminish.
With the option of buying and selling a house privately online now readily available and DIY attracting more interest than ever, it seems that the property market in the UK is experiencing something of a transformation.
Buying a new home is clearly one of the most significant occasions in a person's life and growing numbers are accordingly deciding to take a proactive role in this.