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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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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NathanGreen
NathanGreen 07 Jun 2016

I agree with #6 - you should maintain your garden according to the target buyer. One thing is universal, though - cleanliness and order. Having the yard clutter-free and clean will help people who do enjoy...

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NathanGreen
NathanGreen 06 Jun 2016

I will always say that London is overrated. Sure it is the capital, but it's too stuffed in there. It's more of a business city to me.

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Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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