Brits spending more than ever on DIY

The amount of money being spent by Brits on DIY is increasing at a significant rate, with the total spent in 2015 reaching £5.8 billion.

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The amount of money being spent by Brits on DIY is increasing at a significant rate, with the total spent in 2015 reaching £5.8 billion.

This equalled an average of £210 per household, an increase of 13 per cent from 2014, according to research conducted by Lloyds Bank. These figures are the highest seen since 2008, signalling a return to spending levels prior to the financial crisis.

However, this number is still not as high as it once was, sitting seven per cent below the peak of £6.2 billion in 2008 and 14 per cent lower than a decade ago (£6.7 billion in 2005).

In line with this, the amount being spent on tools and equipment for home improvements also increased by five per cent, from £4.8 billion in 2014 to £5.1 billion in 2015. In addition, real spending on DIY materials increased by 13 per cent, from  £0.6 billion to £0.7 billion.

The amount being spent on tradesmen's services did, in contrast, fall by 15 per cent between 2014 and 2015 to £1.6 billion, which could be down to the increase in DIY projects.

These figures mean that for every £1 spent on tradesmen, £3.65 is being spent on DIY tools and materials, signalling a change in how people are choosing to spend their money on home improvements.

Andrew Mason, Lloyds Bank mortgage products director, said: "Although we’re not quite back to the spending heights of about a decade ago, these latest figures do show sustained growth in home improvement spending over the past seven years. This indicates a growing confidence in the housing market and wider economy, in stark contrast to the sharp fall in spending between 2007 and 2011, which reflected the worst of the economic and housing downturns during this period."

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