Homeowners give up on improvements

Homeowners give up on improvements


Consumer spending on DIY in 2010 was at its lowest level since 1998, signalling a possible decline in the quality of British houses.

 The amount spent on improvements has fallen to a 12-year low, according to a report by Lloyds TSB. As a result, both DIY retailers and the quality of homes are set to suffer.  


 “UK retailers are facing one of the most challenging retail environments in recent times and the DIY sector has become highly competitive, with only the strongest players being able to thrive and survive,” said Simon Allport of Ernst & Young.


Customers appear reluctant to spend money on home improvements as confidence in the housing market remains low. The DIY industry has seen a 13 per cent fall from £10.9 billion in 2009 to £9.5 billion in 2010, reports the Daily Mail.


The total amount of money spent on home maintenance also fell by 9 per cent last year, from £17.8billion in 2009 to £16.2billion in 2010. The decline in home maintenance affects the quality of houses and raises fears over the possibility of a  further fall in the value of Britain’s housing market.

Britain’s fourth-largest DIY and home improvement chain Focus announced its shortfall on May 4 2011 - which resulted in a loss of 3000 jobs and the closure of 120 outlets.


Focus’s fall into administration was attributed to the weak housing transaction market and a corresponding decline in customer confidence.


However, Housing economist Suren Thiu remained optimistic about the future of the housing market. He told the Daily Mail: “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.


“But the benefits of 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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    So.... problems with remortgaging and obtaining loans obviously have little affect on home improvements... lol

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