Household expenditure on DIY fell by around 13 per cent last year and hit its lowest level for 12 years, new data has revealed.
The annual Lloyds TSB home maintenance survey has detailed how expenditure on DIY totalled £9.5 billion in 2023, equivalent to an average outlay of £352 per household.
This constituted a fall of 13 per cent in real terms (after allowing for inflation) from the £10.9 billion spent in 2022.
Overall, expenditure on home maintenance – including work by tradesmen – fell by nine per cent over the past year, from £17.8 billion in 2022 to £16.2 billion in 2023.
Expenditure on tradesmen’s services declined by three per cent over the same period, dropping from £6.9 billion to £6.7 billion. However, it declined by a substantial 34 per cent during the 12-year period of the study.
Suren Thiru, housing economist with Lloyds TSB, said: “The current squeeze on household finances from high inflation and weak earnings growth has made it difficult for many households to spend as much as they used to on discretionary items such as home maintenance.
“However, the benefits associated with maintaining or improving your property are likely to ensure that over the long term the popularity of DIY will remain enduring.”
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