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£16.6bn spent on home maintenance in 2008

£16.6bn spent on home maintenance in 2008New data shows that Brits spent £16.6 billion on home maintenance during 2008, which was an increased figure year-on-year.Property owners in the UK spent £16.6 billion on home improvement and maintenance during 2008, a new study has shown.

Data from Lloyds TSB found the total value was an increase in £2.5 billion or 18 per cent between 1998 and 2008.

The average amount of money spent on home maintenance, including both DIY and work done by tradesmen, was found to increase from £565 to £620 during the ten-year period.

It also showed that people living in the south-west of England are the biggest spenders on home improvements with an average outlay of £695, compared to the West Midlands where people spend only £410.

Nitesh Patel, economist at Lloyds TSB, said: "Total spending on home maintenance has increased substantially over the past decade, though home owners are increasingly looking to undertake the work themselves instead of contracting to tradesmen."

Recent research by Nationwide Building Society found that poor DIY or attempted home improvements would put 90 per cent of potential buyers off purchasing a property, the Telegraph reported.
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Article Added: 16/04/2009 11:53:10
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