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DIY retail market grows during 2008

DIY retail market 'growing'New figures released show the DIY market in the UK increased by 2.6 per cent year-on-year in 2008.The market for DIY tools and materials grew during 2008 due to the collapse of the housing market, a new study shows.

Data released by Research and Markets found the retail market hit £11.73 billion during the year, a 2.6 per cent increase on the figures from 2007.

Over previous years of house price boom and increased levels of disposable income for consumers, interest in DIY waned, according to the report authors.

The financial state of Brits since the beginning of 2007 has seen a growing interest in DIY and home improvement, as people look to do up their own houses as opposed to looking for new property.

Research and Markets claims: "The collapse of the housing market, the failure of many of the UK's banking institutions, rising fuel and food prices, along with consumer credit restrictions and a general fall in consumer confidence, have all had an impact on the DIY and home-improvements market."

Recent research by Nationwide Building Society found that 90 per cent of potential home buyers would be put off by poor DIY or substandard home improvements, the Telegraph reported.
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Article Added: 17/04/2009 16:34:26
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