Brits Begin £79bn DIY Spree

Tuesday, 22 April 2014

A delightful combination of the warming weather and Easter Bank holiday have provided the first real chance for Brits to get their teeth stuck into some home improvements; and a new survey suggests that this will be just the beginning of a year-long DIY binge.

A recent YouGov survey found that 47% of Britons have DIY projects planned for the next 12 months, with an average spend of £3,342 per person dedicated to getting the job done. That tots up to a staggering £79 billion worth of redecorating, refurbishing and renovating.

Nearly a third of the survey's 2,128 participants said they were getting started during the Easter weekend, and more than 60% said their DIY plans were pencilled in for the more broad period of 'springtime' (March - May), suggesting that spring cleans may have brought a few flaws to light.

It will therefore come as no great surprise that a lick of paint, a roll of wallpaper and a bit of plastering top the majority of to-do lists - in fact, 65% of participants have said that these will be their main DIY goals for 2014.

However, 33% clearly have half an eye on the summer ahead, which is no bad thing with the mixed bag of weather that graced the UK over Easter. These farsighted handyfolk have said that garden improvements are their number one task, and plan to fence, deck and landscape their way to the perfect garden party come June.

A final, and no less significant, proportion of respondents seem to be plotting to push up the value of their homes, as 18% say they'll fix up their bathrooms, and 16% plan to refit their kitchen. With house prices growing by 0.4% in March, a moderate jump in the context of the year's 9.5% price change, it may be a wise time to invest in value-enhancing improvements.

Everyone out there considering ambitious refurbishment, extension and refitting plans should of course remember to inform your home insurance provider of any work being done, as it may affect your cover.

Sources:
1. www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2014/4/01-april-homes-bloom  
2. www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2014/4/02-april-house-price-growth  

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