DIY spending rockets 42% as Brits choose to improve not move

DIY spending rockets 42% as Brits choose to improve not move

New figures released today have shown that the UK's passion for DIY is stronger than ever.

The analysis from credit card provider, MBNA, revealed that annual consumer spending by its customers on DIY products has increased by 42% in real terms since 1996 to reach an average of £211 per person in 2015.

What’s been happening to DIY spending?

Overall, we are spending £211 per year on DIY. But who are the big spenders across the UK and when is their money being spent?

Men continue to account for the majority of DIY-related purchases with 69% of all transactions and each spending an average of £267 in 2015. Women spent just £120 on DIY in 2015, a decrease of 6 per cent over the past two decades.

The report also reveals that 45 - 60 year olds are the keenest home improvers, making 4.8% of their total purchases on DIY and spending an average of £240 on DIY each year. Conversely, the under 30s spent only 2.8% of their annual budget on DIY, a mere £108 per year. This sum has actually decreased by 32% since 1996.

These latest figures from MBNA support trends identified by the UK Cards Association which show the most popular time of year for buying DIY materials is typically between mid-April and late June. The research also found that the average DIY transaction size progressively decreases during the course of the year, by 7 per cent over the year as a whole. This trend could be due to people seeking to take advantage of sales which often occur at the start of the year, picking up the more expensive items between January and May. Transaction sizes then fall as the year progresses.


What’s been driving DIY spending trends?

The research highlighted that patterns in DIY spending tend to follow the numbers of people moving home. Data from HM Revenue & Customs shows there were over 1.2 million homes sold in 1996, reaching a peak of almost 1.8 million changing hands in 2004. Housing sales almost halved with the advent of the financial crisis from 1.4 million in 2007 to just 0.8 million in 2008. This resulted in a slowdown in growth of DIY spending, which saw an uncharacteristically low 1% increase between 2007 and 2008. Since 2008, property sales have increased by 39 per cent, hitting 1.1 million across the UK in 2015. By contrast, spending on DIY has seen growth of 57% over the same period.

Alan North, Director of Credit and Analytics at MBNA, said: “This spending data shows how the UK’s love for DIY has grown significantly over the past 20 years. Today, people are spending 42 per cent more in real terms on home improvements than they did 20 years ago. The rate of growth in DIY spending did decline sharply during the recession, but the past five years have seen the steepest rate of growth for more than two decades.

Movements in DIY spending over the past 20 years have been driven by a range of factors including economic growth, rising incomes, online shopping, special offers and, of course, the numbers of people moving home. Moving home is a clear prompt for undertaking DIY tasks, whilst dips in property transactions cause a similar dip in DIY spending. However, the fact that DIY spending as a whole has increased by 42 per cent in the last 20 years despite an 11 per cent fall in property transactions shows that many people are choosing to spend more money on improving their home rather than moving to a new one.”

Innovation and new technology have also made it easier for us to ‘do it ourselves'. Innovation will continue to drive demand in the DIY market. Popular DIY items have changed markedly over the years, driven in part by the advent of new technology and web functionality. Today’s hits include Wi-Fi-enabled alarms, digital laser measuring devices and LED lighting, items that did not exist back in 1996.”

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Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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