According to Nationwide Building Society nearly half (45%) of Brits are planning to spend at least some time this Easter doing DIY.
Nationwide’s sales suggests DIY and home improvements are firmly on our ‘to do’ list with the Society recording a staggering 69% increase in home improvement loans from the second half of 2007 to 2012. And, the average size for these loans increased by 21% from £7,932 to £9,570 for the same period.
So what are the DIY jobs on the nation’s Easter hit list? According to Nationwide’s research there is a real mix of minor DIY jobs and bigger renovations for example:
- Over half (52%) are planning painting and decorating
- Nearly four in ten (37%) will be taking to the garden to landscape, put up fencing, lay lawn or patios
- 9% plan on laying laminate, wooden or vinyl flooring
- 9% plan on putting up a shed/outhouse
- 9% plan on tiling walls or floors
- 4% are planning on adding insulation to their homes
However, many will be tackling bigger renovation or home improvement projects:
- 12% are planning to fit a new bathroom or to replace part of it
- One in ten (10%) are fitting or replacing all or parts of their kitchen
- 7% will be looking at their plumbing
- 4% fitting new windows
- 4% building a conservatory
The division in the scale of jobs is reflected by the amount of money people are planning to spend. Looking forward to Easter, 42% are planning to spend up to £200, 15% between £201 - £300, 12% £301-500, 9% £501-1000, whereas 8% are spending £1001 - £5000 and 11% are spending £5001 - £more than £10,000.
The majority of people will fund their projects by using their wages (37%), while over a third (34%) will use savings to cover the costs, 10% will use a credit card and 3% a personal loan.
While interestingly Nationwide’s own data suggests a surge in improvement loans and on the value of the loan amount.
Graham Pilkington, Divisional Director Banking, Insurance and Investments at Nationwide said: “Easter has traditionally been a favourite time for DIYing, and this year is no different with over half of us planning to break out the paint brushes and filler.
“But what’s most interesting is the growth in people taking out loans to fund bigger projects, such as new bathrooms and kitchens. The number of people moving house over the last few years has declined, so the increase in the number and size of personal loans suggests that homeowners are spending more to maintain and upgrade their current property rather than moving on.”
Research conducted by TNS, 7 March 2013, over 1,000 adults polled