- Saturday, 12 June 2010Consumers are choosing to improve their homes instead of moving, according to new figures showing the amount spent on DIY has increased.
With more people requiring
debt management plans or
IVAs as a result of the credit crunch, renovating is a much cheaper option than moving home.
According to Halifax, more people are choosing to repaint or buy new wallpaper to spruce up their homes.
The amount of money spent on improving homes has increased by more than £1,000 a year since 2009 and 56 per cent of householders are now carrying out refurbishment jobs on their property.
Stephen Noakes, commercial director at Lloyds Banking Group, said: "Our research shows that more and more home owners are picking up their brushes and paint and using their creativity to improve their surroundings, particularly in this market where we are seeing less house purchases."
Garden improvements are being carried out by 37 per cent of consumers while 31 per cent are investing in new home furnishings.
The main motives for DIY are to improve the look and design of the house (59 per cent) or to update and modernise it (52 per cent).
Average house prices fell for the third consecutive month in May, suggesting a double dip in the market after the post-recession recovery, reports the Guardian.
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