Homeowners spend £16 billion on home improvements

Homeowners in the UK spent a total of £16.6 billion on home improvements and maintenance last year, according to research conducted recently by Lloyds TSB.

The bank said that the figure represented an ever-increasing trend, with spending on improvements such as double glazing and conservatories increasing by around 2.5 billion over the last decade.

Lloyds TSB calculated that on average, the amount spent on home maintenance and improvements per household increased by 10 per cent, from £565 in 1998 to £620 in 2008.

Nitesh Patel, economist at Lloyds TSB, said: “DIY spending fell in 2008 in line with the current difficult economic conditions. Such spending can be delayed during difficult times; however this can only be postponed for a limited time.”

Recent research by the bank revealed that employing cowboy builders and rogue traders to conduct home improvements or repairs can end up costing households in the long run.

Source: Adfero

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