They will spend an average of £3,342 doing so, according to new research from the Nationwide Building Society, which means that around £79 billion will be spent on improving homes over the coming year.
Some 65% are planning to paint, wallpaper or plaster, 33% to improve their garden by landscaping, laying a new lawn, or adding fencing or decking and 24% to lay carpet or another kind of flooring. Also, 18% plan to update or completely renew their bathroom, 16% to update or completely renew their kitchen and 16% to invest in self assembly furniture.
While 22% plan to spend between £301 and £1,000 on DIY, around 9% will actually spend more than £5,000 over the next year, the research also found.
When it comes to controlling the budget, the research indicates a gender divide with women planning to spend around £100 more over the course of the year than men, spending an average of £3,392 compared to the average expenditure for men of £3,285.
The older you get, the more you are likely to spend doing up the home or garden. While people up to the age of 54 are likely to spend an average of £2,755 on improving their home, this expenditure rises significantly to £4,045 for those aged 55 and over.
The Spring months are the most popular time to undertake some DIY with 59% admitting they will improve their home during March, April or May and 30% saying they would spend some time doing DIY during April, which coincides with this year’s Easter period.
The majority are willing to save up before undertaking DIY rather than quickly turning to credit. Some 61% will fund their projects using their savings, 42% plan to use their wages and 6% will use a credit card or a personal loan.
‘Spring, and particularly the Easter period, has traditionally been a favourite time for DIY and this year is no different with nearly two thirds of planning to get out the paint brush and filler,’ said Richard Napier, Nationwide’s director for savings and mortgages.
‘The amount we’ve estimated that will be spent over the next 12 months shows that there is a nationwide appetite to invest in their homes even at a low level. What’s more, with nearly two thirds using their savings to fund these activities, it is encouraging to see that people won’t break the bank to do so. This apparent ‘save first, do later’ approach is something that should be applied to most things in life, and DIY activity is no exception,’ he added.
The research also found that 19% of home owners would prefer to extend their existing home, rather than move to a new property.
Of those home owners able to, some 34% would choose to do so because they like the house, 22% because they like the area they live, 13% because they feel it’s cheaper than moving house and 11% because they cannot afford to move to a new home.
Some 16% would most like to build a conservatory, 13% would convert loft space and 12% would build an extension on the ground floor. People were least likely to build a garage, add an extra bathroom or make an open plan living space.
‘It’s interesting that even if money were no object, some people would choose to improve their property rather than move home. Our research shows that people are remaining in their property not just because they love the area and home they live in, but because they believe home improvements are a cheaper option than moving house,’ explained Napier.
Meanwhile, separate research shows that there has been a 50% increase in home improvement loan enquiries in March, compared with January and February. Mortgage and secured loans broker Ocean Finance says that people are keen to get stuck into renovation projects.
Some 15% of all the enquiries it received during March were for home improvement loans, an increase from the 10% recorded between January and February, and the firm says this suggests that the arrival of spring has fuelled people’s plans to make over their homes.
With house prices on the rise across much of the UK, homeowners are once again considering remortgages or secured loans as a way of releasing equity to fund home improvements. The cost of moving house can be substantial, especially if you are over the Stamp Duty threshold, so improving or extending your home can be an extremely cost effective option,' said spokesman Ian Williams.
