| Britons’ household & DIY expenses increase two-fold in 20 years |
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Halifax revealed in its survey with the help of figures from the Office of National Statistics that home maintenance and DIY expenses had risen two-fold in the past 20 years. This could probably be one of the reasons for escalating loan levels in the country with Britons’ expenses on household maintenance rising by 104% between 1984 and 2004.
DIY and home repairs also registered a considerable 25% rise in the last five years. This was quite a substantial rise in view of the total 17 % increase of consumer spending in that period.
Halifax said that Britons were found to be spending a total of £14.65 million on home maintenance in 2004 against £11.76 million in 1999. Chief Halifax economist, Martin Ellis notified that mainly DIY expenses in households had increased which involved homeowners “increasingly doing jobs around the home themselves."
Region-wise, south east homeowners used the maximum amount of money on maintaining their homes and were found to make average investments of about £633.50 every year on DIY and repair jobs. This equaled around 16.1 per cent of the entire household spending.
Posted
on : Tue, 05 Apr 2005 00:00 GMT | Loans News
By : Mike Lawson
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