Britons plan to spend £79 billion on DIY this year

The Momentum UK Team 22 April 2014

Almost half of Brits (47%) are planning to do DIY projects over the next twelve months, according to a new survey from Nationwide.

Just under half of us are planning a DIY project this year, with an average spend of £3,342. This means that, over the next twelve months, we’re collectively planning to spend around £79 billion on sprucing up our homes and gardens.

The range of tasks is varied. Around two thirds of us (65%) are planning to paint, wallpaper or plaster, while a third of people (33%) intend to renovate their gardens, planning tasks like landscaping or decking. Just under a quarter (24%) want to lay new carpet or flooring, with 18% intending to update or entirely renew their bathrooms.

The findings indicate differences between age groups, the main one being that older people are likely to spend more money on their home improvements than younger people. Those aged 54 and under planned to spend an average of £2,755, with the figure rising to £4,045 among the over 55s.

The findings also revealed that spring is the most popular time to do DIY; 59% said they would carry out their home improvements during March, April or May.

According to the survey, most of us intend to save before we spend. Sixty-one percent of us will use savings to fund our projects, with 42% planning on using their wages. Just 6% plan to use a credit card or personal loan.

Richard Napier, Nationwide's director for savings and mortgages, commented on the findings:

“Spring, and particularly the Easter period, has traditionally been a favourite time for DIYing, and this year is no different with nearly two thirds of us planning to break out the paint brush and filler.

“The amount we’ve estimated that will be spent over the next 12 months shows that there is a nationwide appetite to invest in their homes even at a low level. What’s more, with nearly two thirds using their savings to fund these activities, it is encouraging to see that people won’t break the bank to do so. This apparent ‘save first, do later’ approach is something that should be applied to most things in life, and DIY activity is no exception.”