Brits are splashing out on a record DIY spending spree by giving their homes a spring facelift.
The average homeowner intends to spend a record £1,501.85 improving their property this quarter, according to Alliance & Leicester Mortgages movingimproving index. This is five per cent more than last quarter (£1,426) and 21 per cent more than this time last year (£1,240).
But many are likely to stop short of the bigger projects such as kitchens or bathrooms, instead opting for a ‘quick fix’ in the form of a lick of paint or crisp new curtains and carpets – possibly in time for spring which is the traditional homebuying season. Just under a third (30%) will renew carpets, curtains or furniture while nearly one in five (18%) will give their homes a new coat of paint.
Stephen Leonard, Director of Mortgages at Alliance & Leicester said: “What is interesting with our latest findings is that while people are preparing to invest money on their homes, it seems they are acting shrewdly by opting to spend more on cosmetic or outward appearances rather than undertaking costly improvements, such as new kitchens or bathrooms.
“And some are likely to see the results of their home improvements as an attraction for potential buyers as we enter the traditional homebuying season.”
Key findings:
- Over half (51%) of people in the UK are planning to spend some money on DIY
- Just under a third (30%) of people will decorate their homes with new carpets, curtains or furniture
- Nearly one in five (18%) plan to spruce up their homes with a quick lick of paint
- Men plan to spend 17 per cent more on home improvements than women (£1,619 compared with £1,382). Those in their 30s plan to spend the most of any group at £1,907.
- People in the East Midlands plan to spend the most on DIY this quarter with an average of £1,790 per person, 19 per cent above the national average (£1,501). Their preferred choice of home improvement is new carpets, curtains or furniture.
Alliance & Leicester’s movingimproving index, which monitors quarterly DIY intentions, shows that only 14 per cent of people are likely to undertake costly DIY tasks this quarter such as fitting a new bathroom or kitchen, compared to 15 per cent in the last quarter
Couples intend to spend over a half (57%) more than singletons on sprucing up their homes, £1,697 compared to £1,083.
Areas of spending:
- The most popular home improvement job this quarter is decorating, such as adding new carpets, curtains or furniture - with 30 per cent of people planning to smarten up their homes in this way. The next most popular home improvement is painting which nearly one in five (18%) plan to do.
- With summer on the way, one in ten people plan to make some improvements to their garden. Seven per cent intend to fit a new kitchen during these months and seven per cent plan to fit a new bathroom.
Around the regions:
- Those from the South West plan to spend the least this quarter on DIY at £1,176 per person, 22% below the national average (£1,501).
- Those in the East Midlands are the most likely to decorate their properties (35%) with Londoners being the least likely to fork out on new curtains, carpets or furniture (20%).
- Scots are the mostly likely to paint their homes (33%) while those in the West Midlands are the least likely to get their paintbrushes out (8%).
